Source: National Cyber Security – Produced By Gregory Evans
The Problem A criminal who gets your credit or debit card number can rack up big charges. Scare Factor If your credit card number is used fraudulently, you will have to get a new card with a new number, but at least the criminals aren’t spending your money. Legally, you’re responsible for no more than $50 in liability for credit card fraud, but all of the major payment networks (American Express, Discover, MasterCard and Visa) promise zero liability. HOW TO COMBAT: Stolen Social Security Number | Medical ID Theft | Tax Identity Fraud |Lost/Stolen Electronics Armed with your debit card or bank account information, however, a thief could drain your checking account. Theft of debit card data at ATMs, which often involves criminals attaching devices to the machines to “skim” card data, has reached the highest level in 20 years, says FICO, developer of the most commonly used credit score among lenders. As the U.S. payment system transitions to microchip technology, crooks will have a harder time intercepting usable data from payment transactions because the information in chip transactions is repeatedly re-encrypted. As a result, fraud will likely shift to an easier target: use of card numbers to make […]
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