Articles Tagged with credit card fraud

Federal authorities have just unsealed an indictment against seven defendants accused of identity theft and draining the bank accounts of their victims. According to the indictment, they stole over $1 million in funds from unsuspecting victims draining their accounts of tens of thousands of dollars at a time. 

The scheme allegedly involved the purchase of stolen identifying information that included information like bank accounts, passwords, and more. That information was then passed to ID forgers who would create fake IDs for stolen identities. 

In some cases, the alleged fraudsters were accused of tricking the victim’s cellphone provider into swapping in a new sim card under the control of the fraudsters. In other cases, they paid employees of cellphone companies to do that. Once they had the victim’s cellphone information, it was easy to gain access to their personal bank accounts. 

800px-USMC-05469Credit card fraud is becoming the crime of choice for offenders in Chicago who are not particularly inclined to violence. If undetected, the crime can be staggeringly lucrative and often does not carry the stigma of outright theft, sexual depravity, or violence. It is tempting to cast credit card fraudsters as low-level miscreants who do not deserve the worst approbation of society. However this is not a victimless crime, as residents of Minooka will testify. The South West side of Chicago seems to have developed a particularly affinity for this specific economic crime. Although the law enforcement agencies have already sent out the alarm to the local population; they are not clear about what exactly causes this locality to have a higher than usual propensity for the crime.

The fraud will take a number of forms which are increasing in their complexity and scope. For example some people engage in identity fraud and impersonation. Unsuspecting victims will only realize that they have been caught in the web when they are sent a bill for goods and services that they never purchased. The fraudster will have used the victim’s identity in order to make a fraudulent application for a credit line and will proceed onto an expansive spending spree. At other times the perpetrator is far more subtle; getting the details of the card and using it to make online purchases. When the card is physically stolen, most victims will make a police report, but hardly anything ever comes out of that process because of the difficulty of tracing the culprits and the relatively low individual amounts that are involved in each incident of credit card fraud.

It is a Systemic and Structural Issue

Illinois takes all types of fraud seriously, and if you are being charged with credit card fraud, you may be facing a lengthy jail sentence. It is important to understand just what credit card fraud is and what to do if you are charged with that crime.

What is Credit Card Fraud in Illinois?

Under Illinois law, there are several crimes that are considered credit card fraud, including:

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