Credit Card Theft

Today TaxMama hears from Barry Pinksy, Assistant Vice President at Merrill Lynch. He has an alert for you. “I heard from a client whose credit card showed fraudulent charges. And this could happen to you, too.”

Pinsky tells us that several unexpected charges had appeared on his client’s most recent statement. Looking back over the past 3 months, several other questionable charges also appeared. After some investigation, the fraudulent nature of these items was revealed. While the amounts were not sufficient individually to raise alarm, collectively several thousand dollars were misappropriated. The actual credit cards themselves had not been lost or stolen, but rather the card number was utilized for unauthorized expenditures.

The charges have since been reversed and credited back to the client, new cards were issued, and the federal authorities have been notified. However, the situation was exacerbated by the delay between the first fraudulent charges and the time of discovery and notification.
To help stifle these types of identity theft, always check monthly statements from credit cards, debit cards, and checking accounts. Be sure that all charges are correct and anticipated, and that no unusual activity has transpired. In the event of discrepancies , immediately contact the company carrying the account to discuss concerns.

And remember, you’ll find answers to lots of questions, about identity theft and other tax information, free. Where? At TaxMama.com

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