Identity theft and credit card fraud!

Identity thieves others to use personal information for many things. The most common use is the credit card fraud. After obtaining a target of personal details, thieves can open new lines of credit, to divert the credit card accounts available, and go on spending sprees with other people’s money. Here is an overview of the many tactics thieves use to commit identity fraud by credit card.

The opening of new accounts
Armed with personal information such as name, date of birth and social security number, thieves can impersonate someone else to open new lines of credit. They can apply for credit cards on behalf of the victim, or steal prequalified credit offers from the target, the mailbox or trash. These sometimes contain preselected credit cards that thieves can activate it by calling a toll-free number. Many victims do not know that someone has taken the credit cards in their name until they receive calls from debt collectors or obtain loans fell due to a low credit score.

Misuse of existing accounts
In addition to opening new lines of credit, identity thieves can use them adequate information to make the audit. They are using their personal information from the victim to “verify” the thief of identity as the true account holder. Then the thief changes the account details such as PINs, passwords, billing and mailing address. Once an identity thief has control of any accounts it may be difficult to return to the proper owner before the thief wreaks financial havoc.

Skimming
Through the use of palm-sized devices for reading cards, thieves can drag all of their victims’ information card in no time at all. Skimming is a subtle, which typically crime is not detected until the victim notices of fraudulent credit card. Anyone who hands their card to an employee in the stores or restaurants is a potential target for scavengers. Some courses are also located in the gas pump and ATM card reader slots. This information card collection for identity thieves to use, and most devices are impossible for casual observers to detect.

Phishing and Vishing
Phishing is a scam that thieves use to trick victims into providing personal information. Some thieves send e-mails that appear to come from banks or popular websites. They provide a link for the recipient to follow. The link takes the victim to a login page where they enter their information to verify it. What they really do is give their contact information for identity thieves. This scam can also be stored on the phone. This variant is known as vishing. Scammers claim to be representatives of the IRS or the victim’s personal bank. They ask the victim to verify the account information and personal data, or providing a telephone number where information can be entered from a telephone keypad.

Anytime someone uses a credit card without the permission of the cardholder, the fraud was committed. Credit card fraud is very popular and profitable type of identity theft and possibly cause more financial harm to the victim. To protect yourself, never give personal information over the phone. Avoid clicking on links in e-mails. Only pay with a credit card when you have, and stick to reputable companies that you are familiar. Well look at your credit card statements each month. Some crooks are many small charges that do not trigger alerts of fraud. If you see suspicious activity on your monthly bill, contact your card issuer immediately.

The best way to protect against credit card fraud is to take proactive steps to reduce your exposure to theft and possible diligently monitor your credit file. Although these measures may be carried out free of charge, we recommend some type of protection against identity theft including theft insurance. Many of us do not have the time or energy to regularly check our credit history and identity protection services are becoming more affordable. The protection industry of identity theft has really evolved, research, products, services and approaches vary greatly.

This past February, new consumer credit card laws went into effect. The government says that they will tilt the playing field toward consumers by limiting some of the credit card industry’s most profitable and punitive practices. Consumer advocates favor it, but the card issuers warn it will drive up the credit card fees and limit their availability at a time when the country needs more spending to stimulate the economy. What do we need to know to get the most out of our credit and debit cards? How do these new policies affect us? And, will new regulations alter the way debt collectors go about reclaiming unpaid debt? Guest: Richard Alderman, “The People’s Lawyer”, Director, Center for Consumer Law, University of Houston; broadcast date August 13, 2010. www.houstonpbs.org
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Current Account – a Must for Businessmen

 

Current account caters the instant monetary needs of the business class as they need frequent bank transactions. With this account the user gets a Free ATM cum Debit Card and can access to the widest network of ATMs across the country to withdraw cash, inquire about the balance, etc. Moreover, the ATM card with the current account enables the person to shop at a large number of merchant establishments in India. The account holder can also avail the International ATM-cum-Debit Card which can be used within as well as outside India, at a nominal charge transact at your convenience, saving time and cost through SBI Internet Banking.

With the help of current account,you can also withdraw cash from Maestro endorsed ATMs of multiple banks under bilateral sharing, at a nominal fee. You can also monitor and control your funds through the Internet Banking or/ and through Passbook/ statement of account facility. Alternatively you have the facility to access your account by downloading the online transaction package on your computer.

Transaction with the current account is at ease. You can make unlimited number of payments and can make payments by giving the concerned bank a standing instruction. With this account, you can remit funds from any part of the country to your account. Upcountry Cheque Collection facility is also associated with the current account. Apart from these there are other benefits too. Overdraft facility associated with the current account enables you to draw over your balance at a minimal rate of interest. Transfer of accounts between the concerned bank’s network of branches can be done without any charge. Nomination Facility is also available with the current account.

Current account interest rate have structured to help you save time and money while you manage your business. Many banks in the Indian banking system now offer offer you a range of current account options, each packed with services, value-added features and conveniences to help you avail the maximum benefit. In a life full of hectic schedules and time constraints, the value of time is being increasingly felt and that’s why current accounts are now associated with online banking. To save your precious time some banks have also introduced doorstep banking where you can now receive or deposit cash and cheques at your office or home.

Flexi Current Account offered by some of the banks is the answer to your changing banking needs during peak seasons. In this account, your cash deposit and Anywhere transaction limits are a multiple of the balance you maintain in your Current account. Current account interest rate in case of flexi accounts swings in favour of the customer. During the peak business seasons, the account holder gets the benefit of higher transaction limits due to the higher average balances maintained in his account. And in lean seasons, the account holder does not need to bother about maintaining huge balances to enjoy high transaction limits, which he anyway may not need. This account requires you to maintain a minimum average monthly balance (AMB) of just Rs. 75,000.

The Initial deposit required for current accounts varies from banks to banks. And, on this aspect current account interest rate. Higher is the initial deposit, higher is the interest on the balance of the account and lower is the interest charged on overdrafts. When the initial deposit is low, current account interest rate is lower on savings and higher on the overdraft amount. The current account is ideal for carrying out day-to-day business transactions. Unlike saving accounts they offer lower rate of interest but you can access your account any time, anywhere, pay using payable at par cheques or deposit cheque at any branch of the concerned bank.

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Ralph’s suit proves no match for the IRS, when a satchel of money from a kidnapping turns up in Ralph’s living room.

Saving Accounts – Getting Your Money Out

If your comparing online saving accounts you’ll find there are different types of accounts on the market with varying amounts of flexability and features. The most common account types are high interest savings, term deposits and instant access saving accounts.

Term deposits earn fixed rates of interest for the term, generally not less than one year, and require a substantial minimum amount to open the deposit. High interest savings accounts earn higher rates of interest but commonly use a variable rate, and are also very accessible mainly by linking it to a transaction account or a separate savings account. Although accessible, it is not unusual for high interest savings to place restrictions on the number of withdrawals or to require a minimum amount of deposit during the month in order to qualify for the higher rate.

In contrast, instant access savings accounts give you the convenience of access at any time to your deposit with the use of an ATM card. You will have to maintain a minimum balance on your instant access account and this may range from a low of to a high of 00. As a savings account, it will earn interest income, but the rate will depend on the balance you keep in the account; it will generally be lower than the rate you may expect of a high interest savings account.

It’s common for instant access savings accounts to be used as an everyday transaction account. If you’ve got a high interest savings account then you can link that account to your instant access account as your linked transaction account.

These two accounts may be linked even if you maintain them in different banks. It can be a smart move to have the two savings accoutns at the same institution as this way you can instantly tranfer funds from your high interest saving account into the instant access account and make withdrawals via that account.

Your instant access to the savings account is facilitated mainly by an ATM card, which allows you to have 24 hour access and maximum convenience. Other benefits beyonf the ATM and EFTPOS access include phone banking and 24/7 online banking.

ATM convenience is not limited to the ability to draw funds from the ATM networks operated by your bank and other financial institutions. Once you have a link between accounts then ATM access is a very convenient way to access cash anywhere you need it and at anytime. Other conveniences possible with the instant access savings accounts ATM are:

Making fund transfers to and from the linked accounts Making cash deposits (although this is possible only on selected ATM units) Checking the balance on your accounts

Aside from making deposits at ATMs, you may also deposit money into your instant access savings account by:

- Having your incomes credited directly

- Transferring funds from the linked account or your other savings accounts

- Transferring funds by telephone or Internet banking

- Sending cheque deposits by mail

- Depositing over the counter

For your everyday transactions, you may want to consider the conveniences available to you through instant access savings accounts.

Financial Accounting ACG2021 SFCC Spring 2008 Crosson Chapter 2