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Follow Friday: Weekly Web Roundup (5/6/11)

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In finance, trust isn’t a virtue. This week’s stories come with a cautionary tale reminding us to watch our backs when handling our finances. Credit cards, checking accounts and loans are often essential, but sometimes deceptive and punitive. As always, if you enjoy any of our favorites, we encourage you to follow them on Twitter for regular updates. And don’t forget to follow Credit.com at @CreditExperts.

Anatomy of a $500,000 Credit Card Fraud
You know what they say when someone looks good on paper; they may be applying for fraudulent credit. I think that was it… Anyhow, this is a story of two brothers who created hundreds of identities while duping the banks and credit bureaus all the way back to the bank! @CNNMoney

Card Issuers Sneak in Hikes to the Indebted
Borrowers beware! While the CARD Act helped mitigate interest rate hikes, lenders may be raising your annual fees and capitalizing on the immobility of those holding revolving debts. Keep your magnifying glass close, the fine print could be costing you a bundle. @TheStreet_News

Checking Accounts Often Costly, Contain Hidden Risks, Study Finds
Most checking accounts have several hidden risks, mostly in the form of extremely high fees. Some deem these practices as deceptive and are calling for regulation, similar to that of credit cards in 2009. We may be looking at another Battle Royale! @walletpop

Predatory Payday Lenders Target Military Families
Payday lenders aren’t known for operating at high ethical standards, and that perception is proving to be true. There’s an increase in payday lending operation in areas where military families live, proving that the financial battle may be the hardest one for some of our men and women in uniform to fight. @msnbc.com @daily_finance

6 Myths About Credit Report Checks by Employers
Is it true that a potential employer will check my credit? What are they looking for? Could I be disqualified for a job? With all of the confusion surrounding job applicant credit checks, it’s time for some demystification. @FoxBusiness

Image by theloushe, via Flickr

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