Credit Card Identity Theft Tops National Fraud Reports: Petroff Amshen LLP Responds With Legal Advocacy
NEW YORK CITY, NEW YORK / ACCESS Newswire / May 15, 2025 / According to the Federal Trade Commission, Credit card identity theft emerged as the most common type of fraud in the United States in 2024. With over 439,000 reported cases in a single year, Americans are facing an unprecedented wave of unauthorized credit activity. Petroff Amshen LLP, a New York-based consumer protection law firm, is responding with legal action and advocacy in support of victims of identity theft.
The numbers show a consistent quarterly rise: 116,612 cases in Q3 marked the highest spike, followed closely by 112,465 in Q4. The bulk of the cases stem from credit card identity theft on new accounts-with 404,152 total cases-while theft involving existing accounts still accounted for more than 52,000. Together, they dominate the national identity theft landscape.
These figures reflect more than just statistics-they tell the story of how personal data can be weaponized to create long-term financial harm. Victims are often unaware of the impact until it surfaces during an identity theft credit check, when new or unfamiliar credit accounts appear in their reports. At that point, it's often too late for simple fixes-legal intervention becomes necessary.
New York Has Been Harshly Affected: Credit Card Fraud Leads Identity Theft Reports in the State
In New York State alone, 26,736 cases of credit card identity theft were reported in 2024, with countless unreported cases. This makes credit card identity theft the most common form of identity theft statewide. It significantly outpaced other forms, such as loan or lease identity theft, which ranked third with 7,811 cases.
Additionally, a combined category of identity theft involving online shopping, email, social media, and insurance fraud accounted for 15,965 reports, making it the second most prevalent type in New York. While not every category requires legal resolution, the overwhelming presence of credit-related fraud signals the need for strong legal advocacy in the state.
Petroff Amshen LLP addresses these threats head-on by offering legal representation specifically tailored to victims of credit card identity theft. The firm assists clients in their dispute of fraudulent credit activity, communicates with creditors, and acts to remove unauthorized accounts from their credit history-steps that go beyond traditional credit repair.
"When identity theft goes unchecked, the damage can linger for years-especially when it involves credit cards and loans fraudulently opened in your name. Our mission is to restore financial control through aggressive legal action," said Serge F. Petroff, Founding Partner of Petroff Amshen LLP.
The team of attorneys at Petroff Amshen, LLP support clients from the initial credit check identity theft discovery to final legal resolution. By enforcing Federal and State consumer protection laws, the firm ensures that individuals affected by identity theft have a path forward to financial recovery.
5 Signs You May Be a Victim of Credit Card Identity Theft
Petroff Amshen LLP encourages consumers to act immediately if they recognize any of these warning signs:
New credit accounts appear on your credit report that you didn't openYour credit score drops unexpectedlyYou receive calls from debt collectors about unfamiliar charges or accountsYou receive letters or emails from banks you've never usedYou are denied credit based on accounts you don't recognize
These signs often emerge during routine financial activity like loan applications, and they serve as an indication that a more serious issue may be unfolding. Legal support can make the difference between temporary damage and long-term financial instability.
Legal Action That Delivers Results
Petroff Amshen LLP is committed to defending the financial rights of everyday New Yorkers by raising awareness about legal options for victims of identity theft. With decades of experience in identity theft, foreclosure defense, and federal litigation, the firm promotes action through legal channels-not just credit monitoring-offering strategic and personalized representation.
Find out more by following us:
Instagram: @petroffamshenFacebook: Petroff Amshen LLP.LinkedIn: Petroff Amshen LLP | New York
SOURCE: Petroff Amshen LLP
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Forward-Looking Statements This press release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results, developments or events may differ materially from those in the forward-looking statements as a result of various factors, including financial community perceptions of the Company and its business, operations, financial condition and the industries in which it operates and the factors described in the Company's filings with the Securities and Exchange Commission, including the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained therein. The Company disclaims any obligation to update any forward-looking statements contained herein. 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Three Months Ended Twelve Months Ended June 30, June 30, $ thousands 2025 2024 2025 2024 Operating (loss) income $ (25,754 ) $ (8,860 ) $ 122,092 $ 111,941 Depreciation and amortization 15,432 13,904 57,768 53,876 Impairment of long-lived assets 1,502 — 11,202 — Share-based compensation (excluding share-based compensation included in restructuring charges) 5,860 4,983 27,694 24,544 Restructuring charges 1,041 2,846 1,055 17,649 Merger, spin-off, and acquisition-related costs 113 — 1,474 2,035 Amortization of capitalized cloud computing arrangement costs 161 172 713 1,008 Remeasurement of deferred compensation plan liabilities 359 63 508 452 Adjusted operating (loss) income $ (1,286 ) $ 13,108 $ 222,506 $ 211,505 CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands) June 30, 2025 2024 ASSETS Current Assets: Cash, cash equivalents and restricted cash $ 43,538 $ 33,555 Accounts receivable, net 66,781 77,259 Related party receivables, current 22,487 17,469 Prepaid expenses and other current assets 104,326 90,801 Total current assets 237,132 219,084 Non-Current Assets: Property and equipment, net 621,075 633,533 Right-of-use lease assets 484,544 388,658 Goodwill 69,041 69,041 Indefinite-lived intangible assets 63,801 63,801 Deferred tax assets, net 54,072 68,307 Other non-current assets 140,177 110,283 Total assets $ 1,669,842 $ 1,552,707 LIABILITIES AND DEFICIT Current Liabilities: Accounts payable, accrued and other current liabilities $ 184,360 $ 203,750 Related party payables, current 23,830 42,506 Long-term debt, current 30,469 16,250 Operating lease liabilities, current 35,100 27,736 Deferred revenue 228,642 215,581 Total current liabilities 502,401 505,823 Non-Current Liabilities: Long-term debt, net of deferred financing costs 568,780 599,248 Operating lease liabilities, non-current 566,484 427,014 Other non-current liabilities 45,477 43,787 Total liabilities 1,683,142 1,575,872 Commitments and contingencies Deficit: Class A Common Stock (a) 461 456 Class B Common Stock (b) 69 69 Additional paid-in capital 44,843 33,481 Treasury stock at cost (5,483 and 4,365 shares as of June 30, 2025 and June 30, 2024, respectively) (180,204 ) (140,512 ) Retained earnings 153,034 115,603 Accumulated other comprehensive loss (31,503 ) (32,262 ) Total deficit (13,300 ) (23,165 ) Total liabilities and deficit $ 1,669,842 $ 1,552,707 ______________________ (a) Class A Common Stock, $0.01 par value per share, 120,000 shares authorized; 46,076 and 45,556 shares issued as of June 30, 2025 and June 30, 2024, respectively. (b) Class B Common Stock, $0.01 par value per share, 30,000 shares authorized; 6,867 shares issued as of June 30, 2025 and June 30, 2024. SELECTED CASH FLOW INFORMATION (in thousands) (Unaudited) Twelve Months Ended June 30, 2025 2024 Net cash provided by operating activities $ 115,297 $ 111,266 Net cash used in investing activities (23,693 ) (62,371 ) Net cash used in financing activities (81,621 ) (99,695 ) Net increase (decrease) in cash, cash equivalents and restricted cash 9,983 (50,800 ) Cash, cash equivalents and restricted cash, beginning of period 33,555 84,355 Cash, cash equivalents and restricted cash, end of period $ 43,538 $ 33,555 View source version on Contacts Ari Danes, CFASenior Vice President, Investor Relations, Financial Communications & TreasuryMadison Square Garden Entertainment Corp.(212) 465-6072Justin BlaberVice President, Financial CommunicationsMadison Square Garden Entertainment Corp.(212) 465-6109Grace KaminerVice President, Investor Relations & TreasuryMadison Square Garden Entertainment Corp.(212) 631-5076 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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