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Russian Credit Card Fraudsters Attack U.S. Stamp Machines
There are so many ways fraudsters use credit card information it seems almost impossible to come up with something new. However, U.S. Postal Service had to deal with a new type of identity theft.
Three young men - Artem Danilov, Stephan Melkonyan and Karapet Kankanian used stolen credit card information to purchase 3,200 books of stamps from self-service stamp machines in the Seattle-area. Similar crimes had happened in several western states causing financial loss of about $62,000. Two of the three suspects are originally from Russia and one has arrived from Armenia. Only one of them is a U.S. resident.
The scheme used was quite simple. Danilov, Melkonyan and Kankanian used store gift cards with embedded credit card numbers to buy stamps from numerous self-service stamp machines. It is not yet clear how those men got a hold of so many credit card numbers. Police has tracked some of them to a car-wash in South Carolina.
Most of the stamps have been probably sold on eBay. 546 books of stamps were found in Danilov's motel room. That was where he kept the credit-card reader he had used to make fake credit cards. A plain ticket to Moscow suggests that some of the books were to be transported to Russia.
The investigation is still in progress and it is not clear whether Artem Danilov, Stephan Melkonyan and Karapet Kankanian are associated with Russian organized crime in the United States. Several Armenians are also suspected in similar illegal activities.
This new type of credit card fraud has raised the question of adequate credit card information security measures. Are credit cards as safe as credit card companies claim they are? Is it secure enough to apply for credit card offers online? How well are American consumers protected from identity theft? Who is responsible for credit card protection? What steps should the government take to stop the growing wave of high-tech crime?
While these issues are being discussed credit cardholders must learn the simple rules of protection from identity theft.
- Protect your credit card information. Do not give your credit card number or your pin code to anyone. Destroy all receipts or any other items that have your credit card info. Do not submit any personal information online, unless you are making a purchase or applying for a credit card offer through a secure credit card service.
- Do not let anybody use your identity. Shred all forms for credit card offers you are not going to use. Do not ever sign any blank credit card receipts.
- Do not let identity thieves damage your credit history. If you are suspicious about any charges immediately contact your bank. If your credit card account has been used by a fraudster contact all the three credit bureaus and make sure your credit reports contain correct information about the situation. Remember that low credit score will not let you get approved for good credit card offers.
The crime against the U.S. Postal Service is new in its tactics but not new in strategy. Serious steps need to be taken by financial institutions and the state to protect both consumers and retailers from credit card fraud.
ARTICLES about Credit Cards | >> View all Articles
American Express Travel
October 24, 2008
American Express continues to please its loyal customers with exclusive card offers for frequent travel rewards. Its latest product, co-branded with Delta Airlines, comes with a catchy "Delta Reserve Credit Card" name and aims at wealthy and creditworthy customers looking for incomparable travel experience. It cannot be referred to as a cheapest deal among the rewards type, but the price for the outstanding benefits and additional programs is more than acceptable.
The $450 annual fee and a competitive APR on purchases and balance transfers are charged for the exclusive access to the 24-hour Concierge Service, SkyMiles account rewards program and extended credit line. If you think you can find something better online, take a minute to read further and ascertain that American Express has not been overtopped.
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Pre Approved Credit
October 07, 2008
If you hold a valid FICO score with at least one national credit reporting agency, you are very likely to receive a pre approved bank card offer in the mail. But among the 3% of recipients completing and returning the application, only some 1.5% if not less actually get approved. Why is that and what are you required of to qualify for that enticing card offer sent by a major bank?
Most people think if they've been pre approved, there will be no hassle going through the formality of the application process. Now they don't have to spend hours searching and comparing products online to find the only right variant. Hardly anyone knows how the bank chooses a potential customer and what eligibility requirements it will use to finally approve or reject your application.
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Credit Cards at College
September 26, 2008
Though a standard unsecured student credit card is available to high schoolers nowadays, it is at college that young people make their first financial decision independently from parents. The first responsibility comes with the need to choose the right plastic from a great spectrum of equally attractive offers.
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