Post by Willow on Jul 8, 2014 14:03:23 GMT 9.5
MIKE Rosinski, 51, doesn't really know how a string of fraudulent charges ranging from as little as $US3.19 for some odd outfit in Missouri to $US434.10 at an electronics store in another state ended up hitting his Visa credit card in mid-April.
MAYBE, he speculated it was when a car park attendant took his credit card, claimed it wasn't going through and then said he could park for free? Maybe it was somehow related to getting hacked in the Target incident late in 2013, but that seems doubtful, as he was already issued a new card after that one.
Either way, he says consumers really need to pay attention to their statements and charges. He checks his balances regularly, but his wife got an automated call from the card issuer about the suspect activity. He followed up directly with the card issuer, who yes, is going to send him yet another new credit card number.
Like many consumers who just don't want to deal with any more of the hassles of getting a new card number, Rosinski just wishes more could be done to stop the crooks before they make those charges. Sure, he's pleased that the issuer had a system to spot the fraud quickly, but what about some added security to put a stop to the hacking?
Are we seeing more fraud charges, or are we simply more aware that fraudsters are working overtime to get our credit card or debit card information?
It could be a little bit of both, experts say. Fraud might be on the rise in part lately because there have been so many significant security breaches, said Adam Levin, chairman and co-founder of Identity Theft 911.
Industry experts say there are many ways someone's card information can be compromised - ranging from a rogue employee using a skimming device, to a consumer responding to phishing emails, to malware installed at a point-of-sale system at a store. Cyber-attacks can be very sophisticated and criminals often are out of the country.
Other scams involve what's known as "micropayment fraud schemes" that charge your card repeatedly for small amounts for rogue internet pharmacies, fake anti-virus software, jewellery or handbag buying clubs, and online gambling.
The breaches have spurred a push for anti-fraud technology and expanded use of microchip cards that offer more security than magnetic stripes.
The flurry of breaches and anecdotal information on fraudulent charges should make everyone more cautious and willing to spend time going online daily or weekly to track charges on an account.
"The most important action a consumer can do is monitor their account closely," said Teresa Thornton, senior vice president and director of fraud services for Comerica Bank.
It can be a hassle to actually switch credit card numbers, especially if you have the electric bill or the gym membership automatically deducted from your credit card account. When the number changes, you need to alert the company that's taking an automatic payment so you aren't hit with extra late fees or charges for missed payments.
Even so, Levin said some consumers might want to request a card number change if they spot more than one or two fraud charges.
"It never hurts to be proactive and even a little paranoid," Levin said.
MAYBE, he speculated it was when a car park attendant took his credit card, claimed it wasn't going through and then said he could park for free? Maybe it was somehow related to getting hacked in the Target incident late in 2013, but that seems doubtful, as he was already issued a new card after that one.
Either way, he says consumers really need to pay attention to their statements and charges. He checks his balances regularly, but his wife got an automated call from the card issuer about the suspect activity. He followed up directly with the card issuer, who yes, is going to send him yet another new credit card number.
Like many consumers who just don't want to deal with any more of the hassles of getting a new card number, Rosinski just wishes more could be done to stop the crooks before they make those charges. Sure, he's pleased that the issuer had a system to spot the fraud quickly, but what about some added security to put a stop to the hacking?
Are we seeing more fraud charges, or are we simply more aware that fraudsters are working overtime to get our credit card or debit card information?
It could be a little bit of both, experts say. Fraud might be on the rise in part lately because there have been so many significant security breaches, said Adam Levin, chairman and co-founder of Identity Theft 911.
Industry experts say there are many ways someone's card information can be compromised - ranging from a rogue employee using a skimming device, to a consumer responding to phishing emails, to malware installed at a point-of-sale system at a store. Cyber-attacks can be very sophisticated and criminals often are out of the country.
Other scams involve what's known as "micropayment fraud schemes" that charge your card repeatedly for small amounts for rogue internet pharmacies, fake anti-virus software, jewellery or handbag buying clubs, and online gambling.
The breaches have spurred a push for anti-fraud technology and expanded use of microchip cards that offer more security than magnetic stripes.
The flurry of breaches and anecdotal information on fraudulent charges should make everyone more cautious and willing to spend time going online daily or weekly to track charges on an account.
"The most important action a consumer can do is monitor their account closely," said Teresa Thornton, senior vice president and director of fraud services for Comerica Bank.
It can be a hassle to actually switch credit card numbers, especially if you have the electric bill or the gym membership automatically deducted from your credit card account. When the number changes, you need to alert the company that's taking an automatic payment so you aren't hit with extra late fees or charges for missed payments.
Even so, Levin said some consumers might want to request a card number change if they spot more than one or two fraud charges.
"It never hurts to be proactive and even a little paranoid," Levin said.