(Long Island, NY) An East Islip woman has her credit cards stolen from her purse while she was in a Bay Shore park. That theft has turned into a massive case of retail fraud bringing the police in on a case potentially worth more than forty thousand dollars. The Islip woman probably never expected to lose her cards in such a place. The card thief was most likely counting on that.
Why, some will ask, didn’t the woman cancel her credit cards? Why did the case escalate into a five-figure spending spree? It’s simple; the victim didn’t know she had been robbed. Her credit card companies had to alert her to the outrageous sums that were being spent in her name. Imagine being the one to take THAT call.
The way credit card thieves work is based on the amount of time they believe they have before the cards are reported stolen. Most thieves go right to work once they get their hands on a card. Time is very short, and they know it. The usual method of operation is to go from store to store, buying as much loot as they can without attracting too much suspicion. Those who deal in stolen credit cards know that after a certain dollar amount, the card issuer may be contacted to verify a large-dollar purchase.
Usually, purchases are made for between $175 and $400, depending on the store. Once the thieves run a card to the max, they can then get down to the business of selling, returning or otherwise disposing of the merchandise for cash. Sometimes the merchandise is put up for auction on Ebay, other times it is sold to a ‘fence’ or returned to the store for cash.
Fenced merchandise usually can’t be recovered unless the storehouse is raided by the police before the items hit the market. Ebay items are also hard to trace as being stolen unless the auctioneer is caught red-handed dealing in stolen goods. It is very difficult to catch up with what was bought with your credit cards.
What isn’t so difficult is controlling your cards to help prevent this type of situation. The best protection a consumer has is the phrase “See ID” written in place of a signature on the back of the credit card. Card thieves hate this practice because they know they cannot use a card with a different name. If the thieves are lucky enough to get your ID along with the cards this may help them out a bit, but requiring the ID still makes a thief’s day harder.
Another way to protect yourself is to purchase any identity theft insurance your card company may offer. Some feel this is an unnecessary expense; usually that feeling lasts only until the credit cards are stolen. Fixing the barn door once the cows have come home isn’t the best solution—if you can afford the expense, identity theft insurance is well worth the cost.
The case of the East Islip woman’s stolen credit cards has not been closed as of this writing. It serves as a reminder to all of us to better protect our cards, be more watchful and know that there are plenty of opportunists out there ready to take advantage of a chance to grab something that isn’t theirs. Even in a public park.