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Wallet theft in Virginia highlights identity and payment risk
The Federal Trade Commission says debit card liability can rise from up to $50 if reported within two business days of unauthorized charges to up to $500 if reported later.
Wallet theft targeting parked cars around fitness centers in Fairfax County, Virginia, has drawn attention to how stolen identification can lead to identity and financial harm, Yahoo Finance reports. The Alexandria Police Department arrested a man in late June whom it said was taking belongings from unlocked cars and using stolen credit cards to buy gift cards at nearby retailers before victims noticed. The story notes that personal documents commonly carried in wallets, including Social Security and health insurance cards as well as a driver’s license, can be used to access identity-linked services, and that leaving the issue unaddressed can expose victims to liabilities from activity carried out in their name. According to the Federal Trade Commission, if a missing debit card is reported before any unauthorized charges, cardholders are not responsible for those charges. If unauthorized charges occur, liability can be limited to up to $50 when the debit card is reported missing within two business days, up to $500 if reported later but within 60 calendar days of the statement, and can leave accounts effectively unprotected beyond that window, the article adds.