When someone's credit card information is stolen, that data often winds up on hacker websites where it's traded and sold, according to a new report from security expert Brian Krebs. The cost of details for consumers in the U.S. is just $1.50, and $4 for those in the United Kingdom, but that's a small price to pay for the ability to make purchases and stick someone else with the credit card debt.
In addition, identity thieves can buy more information for a few dollars more, Krebs said. This would allow them to open accounts in that person's name and leave them with even more credit card debt they wouldn't even know about unless they ordered a credit report.
When consumers are hit with fraudulent credit card debt, experts advise that they contact both the financial institution and local law enforcement, including their district attorney, about the problem.