Because most credit card information is stored online in some capacity, whether a result of online purchases made, or card companies and affiliates storing your information in sometimes vulnerable databases, becoming a victim of credit card theft is a strong possibility nowadays.
And the consequences can be disastrous. Becoming the victim of credit card theft can result in financial devastation, or worse, identity theft, which can be very difficult to overcome in the long run.
Having an identity stolen means the thief can not only spend money in already open accounts, but can open new accounts, take out loans and even apply for jobs under your name. Victims of identity theft often spend hundreds of hours and thousands of dollars trying to clear up their credit while rebuilding their tarnished reputation.
According to the Bureau of Justice Statistics, identity theft is on the rise, increasing in 2010 to 7 percent — or 8.6 million households with at least one member age 12 or older. While credit card and identity theft isn’t totally avoidable, it’s important to take the necessary steps to avoid putting yourself in harm’s way.