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Archive for Card Security

Credit Card Details Found on Old Computers, Gaming Consoles

March 31, 2009 at 1:06 pm · Filed under Card Security

If you’ve decided to sell your computer or gaming console, don’t throw in your credit card information to sweeten the deal! Some sellers have learned the hard way that your personal information can fall into the wrong hands when you sell your computer. Additionally, dealers who bought pre-owned consoles (including the X-Box 360 and Playstation 3) from Circuit City were shocked to find the hard drives, profiles, and credit card information still intact. Circuit City did not wipe the information before shipping the consoles to other dealers.

If you’re selling a computer, merely deleting the information isn’t enough. Even formatting your hard drive leaves your data vulnerable. Instead, look for a data shredding program to keep your deleted data gone for good. These programs work by overwriting your data numerous times, making it impossible for standard data recovery programs to retrieve.

Removing your credit card information from a console like the X-Box 360 takes a little more effort. The credit card details aren’t actually stored on the machine’s hard drive, but are instead linked to your profile at Microsoft. To keep the console’s new owner from making purchases with your card, you’ll need to call customer service and have them delete the credit card from your profile.

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Online Credit Card Safety

March 24, 2009 at 11:16 am · Filed under Card Security, Card Technology

Using a credit card online presents a few risks that paying with cash in person doesn’t have. It’s important to realize that while using your credit card online does have a few risks – it’s not much different from the risks you face when handing your card to a cashier in any retail establishment.

Here are a few tips for using your credit card online, to help keep your personal information safe:

Make sure the website URL starts with “https”. The “S” shows that the website you are buying from is using a secure server.
Use a Visa card and sign up for Verified By Visa. When shopping online, Visa cardholders can require that they enter a password whenever they use their credit card on the internet. Even if someone got a hold of their card or the numbers -they wouldn’t be able to make an online purchase without also knowing the password.
Use a Mastercard and sign up for SecureCode. Just like Visa’s program, whenever you use your Mastercard online, you will be required to enter an additional password when processing your card for payment.

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New Year: Great Time to Review Your Credit Report

January 18, 2009 at 2:23 pm · Filed under Card Security, Credit Score

Reviewing your personal finance information (in your credit report) is a great way to start out the new year. Individuals are entitled to receive a free copy of their credit report from each of the three major credit bureaus (Equifax, TransUnion and Experian) once in every twelve month period.

The federal Fair Credit Reporting Act has made it possible for everyone to receive one free credit report per year from each of the three credit reporting agencies since 2005. Your credit report shows your credit history, and is what creditors and even potential employers view when determining whether or not you are credit-worthy or a good candidate for a job. The report lists all of your current and past credit card accounts and loans, notations regarding how you make your payments and whether you’ve been sued or arrested before.

The information contained in credit reports are sold to credit card companies and other creditors, insurers, employers and businesses by the reporting agencies. Poor credit histories and low credit scores make it impossible to obtain new credit, can prevent you from being hired for a job you want, and can raise the amount you pay for car insurance.

Many experts recommend getting one of your free reports every four months throughout the year, to make sure there are no mistakes made on your credit report that could result in problems. If you notice any errors or accounts on the report that are not yours, you can report it to the reporting agency and have it corrected.

To get your free annual credit report, visit https://www.annualcreditreport.com.

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Technology Advances to Prevent Fraud

January 4, 2009 at 5:46 am · Filed under Card Security, Card Technology

How many of us have been victims of Identity Theft and fraud with credit card accounts? The latest Javelin Strategy & Research report for 2007 stated that there were over 8 million victims. There is a downward trend in these numbers and one of the reasons is that technology is becoming more and more sophisticated in helping prevent Identity Theft and fraud. Also, consumers are becoming more aware of the problem, and are protecting themselves and their identity.

A recent announcement that we could see credit cards in the future which feature a keypad and security number in a window which changes regularly will further help prevent Identity Theft and fraud instances. The technology has been developed and is being rolled out in trial form in the UK within a year.

What this means is that it will be safer to use credit cards online to make purchases. Now, when a potential thief obtains a credit card number, it will be completely useless without the attached keypad and changing security number contained therein.

While this is good news, you still must remain on your guard at all times for possible fraudulent use of your identity and credit information. Even the most simple of steps can help. Changing your password for your website access on a regular basis (every month or so). Ask for a new card with a new number regularly. Depending on your comfort level, once every six months is not out of line. Protect your social security number from prying eyes.
All of this is encapsulated in a strategy of becoming a ‘moving target.’ It is much more difficult for you to be a victim if you change your access via the methods above. Thieves will simply move on to an easier target when they realize that it will become a chore in order steal your identity.

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Beware Text Messages from Mobil Oil Credit Union

December 12, 2008 at 5:20 pm · Filed under Card Security

The text message comes from mofcusrv.org, and purports to be from Mobil Oil Federal Credit Union. “You need to verify your Mobil Oil FCU account,” it reads. “Unusual activity.” Then it lists a toll-free number where you can call in to verify your Mobil credit card number, PIN, and expiration date. Problem is, once you’ve given this sensitive information to the “customer service rep”, they hang up. They’ve gotten all the information they were fishing for, and now they’re done with you.

This is the latest variation of an old scam that has recently been reported in South Texas. It seems that the scammers are texting massive amounts of people, hoping to find a few that are actually members of the Mobil FCU. Once they receive the information, they duck and run.

Whenever you receive a phone call, e-mail, or text message of this nature, it’s probably a scam. Reputable financial institutions will contact you through the mail and won’t expect you to give out your information over the phone. If the call sounds legitimate but you’re just not sure, call the business’s official phone number yourself to ask about unusual account activity. Chances are, this will be the first they’ve heard of it.

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Oops! Visa CEO Loses His Wallet, Credit Cards

December 12, 2008 at 2:08 pm · Filed under Card Security

Joseph Saunders, CEO of Visa, Inc., the biggest credit card network in the world, lost his credit cards on Thursday. Maybe it was the jet lag; he was expected to make a presentation in New York after traveling cross-country from San Francisco. Upon arriving at the airport, Saunders noticed that something was missing.

“I’m supposed to start off, and say that I’m very happy to be here, and I guess I am. But it’s 4:15 in the morning as far as I’m concerned, and I lost my wallet on the way here,” Saunders said. “It’s rather embarrassing when somebody steals my credit cards.” The quip was met with laughter.

Neither Saunders nor Visa cared to provide further details. But what do we really expect them to say? After all, this could happen to anyone.

If your own credit cards turn up missing, the Federal Trade Commission advises you to report the loss as soon as possible. If you report the lost cards before someone uses them to make fraudulent purchases, you won’t be held accountable for any amount. If you make the report after someone has used the card to make purchases, you could be accountable for $50 per credit card. After you’ve made the report, continue to check your statements carefully for unauthorized charges.

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Global Credit Card Fraud: Mumbai and the Internet

December 4, 2008 at 3:17 pm · Filed under Card Security

Credit card fraud is alive and well, and the ill-gotten cards are being used to fund terrorists. Other cards, sold for as little as a dime apiece, give buyers access to credit limits of $4,000 or more. That is, $4,000 of other people’s money.

Symantec just released a report that found most of the Internet’s illegal sales involve stolen credit card information. Second place went to stolen bank accounts, with an average balance of $40,000 apiece. The credit cards are often sold in bulk at deep discounts, while the bank accounts can sell for $1,000 or more.

Skimming, identity theft, and cloning of credit cards could have played a part in the heartbreaking attacks on Mumbai. Terrorists are known to use credit card fraud to fund their operations, according to Jeremy Simon, a contributing reporter to US News and World Report. Credit cards were found in the backpack of one of the terrorists that attacked Mumbai.

When we get careless with our personal and financial information, we might get nervous about someone making unauthorized purchases or opening a line of credit in our name. But we seldom think of how our information could be used to harm other people. Please do your best to keep your information safeguarded, for yourself and all the rest of us.

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Shopping Online? Debit and Credit Work Differently.

November 19, 2008 at 3:28 pm · Filed under Card Security

Will you be shopping online this holiday season? How do you plan to pay for your purchases? Many shoppers don’t think it matters, but credit cards and debit cards have very different levels of buyer protection.

When you pay for online purchases with credit cards, you maintain your rights to dispute charges and refuse making payments while a charge is being investigated. Additionally, by reporting suspicious charges to your card issuer, you can only be held accountable for the first $50 in unauthorized charges made to your card.

Debit cards give you a bit of protection, but with limits. For example, you could be held accountable for the full amount of unauthorized charges made to your debit card unless you report the charges to your bank within 48 hours. Also, the money will be removed from your bank account, leaving you strapped for cash in the middle of the holiday season.

Major online retailers and auction sites like Amazon and Ebay are frequent targets for hackers. If you’d rather not enter your card information directly on a web site, consider using a payment processor like Google Checkout, or a third-party service like Bill Me Later. (Just be sure to pay off your deferred balance on time, or Bill Me Later will tack on some hefty interest charges.)

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A Glimpse of the Future: Credit Cards with Keypads?!

November 8, 2008 at 4:09 pm · Filed under Card Security, Card Technology

This week, the Cartes and IDentification show near Paris featured an exciting look at the credit cards of tomorrow. In keeping with speculation that credit cards and cell phones will someday merge, Visa gave guests a preview of a new credit card that features a digital display and a 12-button keypad.

Card holders can press a button to generate a unique security code for their online transactions. The code becomes invalid after a single use. Even if the code were to get intercepted – which is unlikely, since it stays within the card itself – thieves couldn’t use it. This new card can even sniff out fraudulent e-commerce Web sites before a purchase is made. All the card holder has to do is enter a code found on the site, and the card will tell them if the code is valid or not. Let’s hope that every credit card has such stringent security features someday.

Additionally, the card’s battery is praised for its longevity; at a rate of twenty to thirty transactions per week, the battery will last up to three years. The only drawback to this card is its lack of a visible account number. Vendors who still make impressions of credit cards won’t be able to accept it. Known as “the Visa card with one-time code”, this new creation will soon be available for testing in Italy, Israel, and Switzerland.

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Fake Emails Harvest Credit Card Numbers

October 26, 2008 at 11:22 am · Filed under Card Security

It happened to Ed Johnson, a 65-year old former pastor from Ocala, FL. He received a legitimate looking e-mail that claimed to be from United Parcel Service (UPS), regarding an undeliverable package. Johnson clicked on a link contained in the e-mail, only to receive a pop-up notice that his computer had been infected with a Trojan horse virus.

Johnson says he knew that a virus could destroy his data, but didn’t know that it could also harvest his personal information from his files. He didn’t immediately scan for and remove the virus – a costly mistake to the tune of $10,000 or more.

The virus grabbed Johnson’s online banking information and relayed it to the hackers who sent the fraudulent e-mail. Johnson was shocked when, several days later, he saw charges to five of his credit cards from stores he’d never been to.

Let’s all learn from Johnson’s mistake. Never click on e-mail links; you might get redirected to a web page containing a virus, or you might be sent to a login page that captures your information for identity thieves to use. Keep an active firewall and real-time virus scanner running, and remove any malicious software as soon as you detect it.

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