Your Unused Credit Cards May Be Vulnerable

Your Unused Credit Cards May Be Vulnerable

June 20, 2013         Written By Lynn Oldshue

Do you have a credit card sitting in your wallet that you do not use anymore? Most of us keep these around for emergencies, spending sprees or we are just too lazy to cancel the card. You need to be aware of how vulnerable those credit cards could be.

Some credit card scammers are starting to target dormant credit cards, and they’re stealing thousands of dollars along the way.

Word of this credit card fraud spread when a woman was arrested for using old credit cards she knew her company no longer monitored. The woman compromised over 30 accounts during her time with the company, and stole upwards of a half million dollars. No one noticed this taking place.

“She knew that these were dormant accounts which the businesses had lost track of, so she would go in manipulate the account,” said U.S. Postal Inspector Mona Hernandez.

How often do you check your dormant credit card accounts? It may be in your best interest to review these accounts every month, even if you know you haven’t made a recent transaction with that card. If you are worried about theft like this, consider canceling your cards altogether. For a short time, this may have a negative impact on your credit score.

The information contained within this article was accurate as of June 20, 2013. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.

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lynn-oldshue

About Lynn Oldshue

Lynn Oldshue has written personal finance stories for LowCards.com for twelve years. She majored in public relations at Mississippi State University.