Credit Card Deals: Harsh Consequences of Identity Theft

There are hundreds of credit card deals on the market today. Many of modern credit card users choose plastics according to the benefits they offer and forget all about cards' security. Unfortunately, identity theft is rather common nowadays. Many people think that it is never going to happen to them! But we never know when and where our credit and personal information may be stolen. This unfortunate story has happened in the University of Virginia and has become the top story in this state.

On May, 23 the professor of the University of Virginia Patrick Grant opened his mail box and found 3 letters from Bank of America telling him that they are not planning to raise his credit limit. The professor of molecular genetics and microchemistry had never asked his bank to raise his credit limit, so he quickly realized that his identity had been stolen.

The thieves in NY opened a saving and checking accounts on professor's name with help of his SS# and fake driver's license. Then using Internet and computer technologies, they hijacked the existing credit card account of Professor Grant. The thieves stole $22,000 during 10 days!

Grant himself has an idea of how the thieves could get his personal information. Last year in June the hackers managed to get an access to more than 5000 faculty members' information. The personal information of Professor Grant, including his Social Security and birth date was among the stolen data.

Another time, in April, 2008 the laptop containing personal information of more than 7,000 people - University's staff and students, was stolen from the car of one of the employees.

All students and staff were warned about the risk of identity theft. Grant immediately put a fraud alert and credit monitoring on his report. Unfortunately, neither of these security methods helped.

The police are investigating the case, but thousands of people risk to be in the same situation as Professor Grant! Luckily, Bank of America claimed that Grant is not responsible for $22,000 of credit card debt, because his money was stolen; however his credit score is damaged. It will take a lot of time to dispute the charges and protect his good credit. All students and employees of University in Virginia are told to check their credit reports and to watch out as there is a danger of identity theft!

The University is adding security policies and the employees do their best to strength the existing ones.

The number of people, who suffered from identity theft, grows fast. 3.7% of American adults or more than 8 million people became the victims of identity theft! The thieves have already stolen more than $15 billion!

If you don't want to become a victim of identity theft, the only advice for you is to be really careful and to watch out! Be attentive; protect your best credit cards.