Why should I shred my old credit card statements?
The first thing one should understand about the credit card is that it’s all about the number. The credit card number. Stealing credit card numbers has become such an issue for credit card companies that they came up with the card security code. With the addition of this number, credit card companies hoped to put a dent on the amount of credit card fraud that abounds.
Stealing the credit card number can be as damaging as stealing the credit card itself. Many countries have laws protecting credit card consumers from purchases made with stolen credit card numbers even when they still possess the original credit card. In the US, federal law limits the amount of money a consumer will have to pay if they their credit card is lost or stolen. That amount is $50 US dollars. If a credit card number was stolen but not the card, then the credit card consumer is not responsible for any unauthorized charges made to the card owner’s account. But not all countries have the same level of protection for credit card consumers. So if makes sense to rather be safe than sorry.
Even if you cut up or marked through the credit card number on the statements, leaving the entire statement intact in the trash could still leave you susceptible to identity theft. All these thieves need is something with your name, address, phone numbers, or email on them to start them on their merry way to steal from you and give to themselves.
Unless you have a barrel in your backyard in which you burn all your papers, you need to use a paper shredder to get rid of your personal information safely. If you do not have a shredder right now, check office supply stores and banks for shredding services or events. Identify thefts not only go around stealing private documents from homes; they’ll also go dumpster diving at recycling centers and dump yards.
Besides old credit card statements, shred the following as well:
- Unused pre-approved credit card statements. You may not even realize that somebody has stolen your card and activated it until it’s too late.
- Bank statements if you decide to dispose of them.
- Print-outs from online sales. Because these papers won’t look as official as statements that come via mail, people may not treat them with the same security risk that they are.
Written by: Scott
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Tagged as business fraud, credit card number, credit cards, scam + Categorized as Economy articles, Other, Home business