 TITLE: Steps to Take if You Are a Victim of Credit Card Fraud CONTENT: What Is Credit Card Fraud?\n--------------------------\nCredit card fraud is a form of identity theft in which criminals make purchases or obtain cash advances using a credit card account assigned to you. This can occur through one of your existing accounts, via theft of your physical credit card or your account numbers and PINs, or by means of new credit card accounts being opened in your name without your knowledge. Once they're in, thieves then run up charges and stick you and your credit card company with the bill.\nCredit card issuers are acutely aware of this scourge, and are continually developing new methods to thwart unauthorized card usage. At the same time, however, resourceful fraudsters (including international organized crime syndicates) keep finding work-arounds for new security measures.\nBecause card issuers are well-versed in dealing with card fraud, it's unlikely that being defrauded will cost you money out-of-pocket over the long haul, but necessary investigations can take months and, as discussed at greater length below, unaddressed credit card fraud can do major damage to your credit reports and scores.\nDealing with credit card fraud can cost you a great deal of time and aggravation, and the theft of hundreds of millions of dollars every year adds to the overall cost of using credit cards (in fees and interest rates) for all account holders.\nCredit card fraud is a form of a broader category of crime known as identity theft, by which criminals use your personal information to impersonate you and hijack your finances. In addition to credit card information, identity thieves can use credentials including your name, date of birth, address and Social Security number to take over bank accounts, take out loans in your name, and apply for bogus tax refunds, unemployment benefits and Social Security checks—taking advantage of benefits you've earned. END