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Howard Ain, Troubleshooter: Account Takeover Fraud Totals $4.9 Billion In 2012

CINCINNATI (Howard Ain) -- Now, another example of why it is so important to protect your personal information.

Local 12 TroubleShooter Howard Ain says technological advances allow criminal to find new ways to steal your money.

Identity theft is big business these days and unless you're not careful, you too can become a victim. One of the biggest thefts is called account take-over fraud.

Carla Menedez: "The bad guys are calling in with all the personal identifying information of the victims..."

And... once they do that, they essentially can get access to your credit card account. They can add themselves as users get their own card with their name on it and start charging on your account.

Menedez: "The bad guys are going in and buying electronics and going to pawn shops to get cash."

Postal inspectors seized many larger ticket items purchased in one scam, including big screen tv's and video game systems. In one case, losses totaled $120-thousand dollars. But inspectors got a big break.

Menedez: "The bad guy wasn't very smart in this case. He purchased 2 money gram money orders from a local merchant and when he went to purchase the money order, he actually wrote his real name and his real address down on the money order."

The led them to the suspect's home.

VIDEO HERE
 

 

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