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Tag: credit card fraud

  • Identity Theft Protection: Things You Should Know

    Identity theft transpires when a third party gets your personal information, such as social security number and credit card details and uses them for fraudulent purposes. According to the Federal Trade Commission, more or less 9 million Americans experience identity theft yearly. In 2010, an estimated $3.5 billion was spent by U.S. consumers for purchasing products that specialize in identity protection.

    Identity theft is a serious offense that can mess up your reputation, credit history, and finances. Identity thieves can get loans under your name, or open other accounts using your personal information. Fixing the problem also takes time, effort, and patience, but it is not impossible.

     Ways to Protect Yourself

    More and more people resort to online banking and shopping, as it is more convenient. With all your personal information available on the web, there is a chance for your identity to be stolen. There are simple ways to prevent this from happening, and this doesn’t always mean that you have to spend a dime.

    Make sure to delete your login and password information, especially when using a shared computer. Another way to prevent identity theft is to change your account passwords every so often. Check credit reports every quarter to make sure that you only pay for products and services that you purchased.

     What To Do When Your Identity Has Been Stolen

    Maybe it’s your unlucky day and you just found out that you’re a victim of identity theft. You must take immediate action in order to stop the problem from escalating. The first thing to do is report the crime by placing an Initial Fraud Alert. This can be done by calling the national credit reporting company. The next step is to get a copy of your credit report so that you can dispute any unauthorized activity. The last step is to make a report of the identity theft, which allows you to clear the activities of the identity thief on your accounts.

    If you want to be extra careful with your online accounts and credit cards, it might be a good idea to pay for an identity theft service. This might cost you around a $150 annually, but it will make you feel at ease whenever you do activities online.

    Tips For Protecting Your Identity

    http://youtu.be/DT9DoS-1QgQ

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  • Chase Debit Card: Cash and Spending Limits Imposed

    Chase Debit Card: Cash and Spending Limits Imposed

    JPMorgan Chase will impose daily cash and spending limits on about 2 million debit cards due to possible fraud and data theft that occurred when customers used the cards recently at Target stores.

    According to a customer service notice on the Chase website, “Target reported that it experienced a data breach on debit and credit cards that its customers used to make purchases in their stores from November 27th through December 15th.”

    For many customers, the limits couldn’t come at a worse time: the peak of the holiday season when many are making last minute gift purchases.

    Chase informed customers that they could expect to hear from the company directly if their card was at risk. Citing its Zero Liability Protection plan, the company assured card holders: “First and most important, if your card is at risk, don’t worry … you’re not liable for unauthorized transactions you report to us.”

    Customers whose cards are at risk due to the Target breach will see temporary limits on cash and purchases until their cards can be replaced. The cash withdrawal limit is $100 per day and the purchase limit is $300 per day.

    If a customer needs to withdraw more than $100 cash, they’re instructed to “visit a branch. Employees at our 5,600 branches are standing by to help you if you need more cash than $100. With proper identification, you can access your available funds.”

    Taking customer service one step further, Chase announced that many branches will stay open on Sunday, December 22nd to help customers.

    Target issued a statement on its website on Thursday regarding the security breach:

    “We take this matter very seriously and are working with law enforcement to bring those responsible to justice,” said the company’s chairman, president, and CEO Gregg Steinhafel.

    Post by Target.

    Image via Free Digital Photos

  • Target Discount Offered After Major Security Breach

    Target Discount Offered After Major Security Breach

    After that big breach – the theft of credit and debit card data from more than 40 million of its customers,Target is scrambling to find a way to keep its customers coming back.

    Hackers obtained the credit and debit card numbers of millions of Target customers over the course of 19 days, beginning the day before Thanksgiving, according to Reuters. If you are wondering whether your information has been compromised, the retailer says to call 866-852-8680.

    Target CEO Gregg Steinhafel issued an apology on the company’s website Friday to the 40 million, more or less, customers affected by one of the largest credit-card breaches ever to hit a U.S. retailer. His apology went like this:

    “We take this crime seriously. It was a crime against Target, our team members, and most importantly, our guests. We’re in this together, and in that spirit, we are extending a 10% discount – the same amount our team members receive – to guests who shop in U.S. stores on Dec. 21 and 22. Again, we recognize this issue has been confusing and disruptive during an already busy holiday season. We want to emphasize that the issue has been addressed and let guests know they can shop with confidence at their local Target stores.”

    In yet another statement – Steinhafal made many he apologized, acknowledging that consumers trying to get information from the retailer’s website or telephone hotline were having trouble getting through.

    On the company’s Facebook page, people made their frustrations known. “As long as I’m on hold, I’ll promote Walmart,” one person wrote.

    Steinhafel tried to reassure customers that the company would offer not only discounts but also credit monitoring for all affected.

    So, not only have customers undoubtedly lost credit and debit card information to the cyber thieves, they cannot seem to get through to the company via their website or the phones – imagine 40 million people freaking out all at once. Could clog up some phone and internet lines.

    At least the CEO is showing concern for something he had no power to prevent. And credit goes out from experts to Target for catching this problem extremely early.

    Image via YouTube