Core Insights - The article discusses the rising issue of identity theft in the U.S., highlighting a personal experience of fraud and the broader implications for consumers [1][2][3]. Group 1: Identity Theft Statistics - In 2024, U.S. consumers lost over $12.5 billion to fraud, marking a 25% increase from the previous year [4]. - There were more than 1.1 million reports of identity theft made to the Federal Trade Commission (FTC) in 2024, with experts suggesting that actual figures may be much higher due to unreported cases [4]. Group 2: Types of Identity Theft - The two most common types of identity theft-related financial fraud are new account fraud and unauthorized account access [5]. - New account fraud involves criminals using stolen identity information to open new credit cards, loans, or deposit accounts, often going unnoticed until victims check their credit reports [6]. - Unauthorized account access occurs when fraudsters use stolen credentials to access existing bank or credit card accounts, allowing them to make unauthorized transactions [7].

Core Points - The article discusses the proper methods for disposing of expired or canceled metal credit cards to prevent fraud and protect sensitive information [1][6][12] Disposal Methods - Mailing the card back to the issuer is a recommended method, as many issuers provide prepaid envelopes for this purpose [5][14] - Visiting a local bank branch to drop off the card is another option, especially for cards issued by banks with physical locations [7][8] - For those who prefer a DIY approach, using tin snips or metal shears to cut the card into small pieces is effective, ensuring the EMV chip and magnetic stripe are destroyed [9][10][19] What to Avoid - Simply throwing the card in the garbage is strongly discouraged, as it poses a risk of identity theft [12] - Using standard paper shredders is ineffective for metal cards, which require specialized tools for proper destruction [11]