Chaithanya Kumar calls himself a loyal customer of Bank of America. So when he received an offer for a new credit card in early November, he decided to take it. When the card arrived on Nov. 7, he used it to pay his electric bill. It was his only charge on the card, he said. “On Nov. 11, only four days after receiving the card, I received a fraud alert from Bank of America via email that someone used the card fraudulently amounting to $1,200 worth of purchases of in-store clothing merchandise in Woodbury Commons, New York,” he said. Someone had gone on a shopping spree at the Timberland and Po…