Stolen Wallet Can Lead to Stolen Identity
As the summer vacation season approaches, a former master forger -- and leading fraud prevention expert -- warns the theft of your wallet or purse may be the first step in the theft of your identity.
"Pickpockets used to get their money by using stolen credit cards right away before a theft could be reported," Frank W. Abagnale, Jr. warned. "But now, some of these thieves are using a stolen wallet or purse as the first step in stealing someone's identity.
"Here's how the scam works: After stealing your wallet, a thief goes to a pay phone and calls your home to report finding your wallet and offers to return it shortly thereafter. While you wait, the thief uses information from your wallet and credit cards. You may get your wallet back, but the thief makes a lot more money by stealing your identity."
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