| A recent study conducted by the Unisys Corporation | | | | it impossible to protect yourself when you could |
| shows that identity theft as it pertains to credit card | | | | essentially be handing your digits over to a criminal. |
| fraud is Americans' number one concern. | | | | Skimming is one of the financial industry's |
| When people ask me, "How do I protect myself from | | | | fastest-growing crimes, according to the U.S. Secret |
| credit card fraud?" I tell them, "Cancel the card, or | | | | Service. The worldwide ATM Industry Association |
| never use it." Because that's the only way. | | | | reports over $1 billion in annual global losses from credit |
| Personal security (as it pertains to violence) and | | | | card fraud and electronic crime associated with ATMs. |
| national security have always been a concern. | | | | Marite Ferrero, a blogger with Finextra, adds, "In |
| However, this new study shows that people are more | | | | Europe, the points of compromise are everywhere: |
| concerned with fraud, and the risk of having their | | | | ATM, gas pumps, parking, DVD rentals, movie tickets, |
| savings depleted by scammers. Not so hard to believe, | | | | food kiosks, tolls, buying metro tickets, and the list goes |
| what with the number of data breaches, and the | | | | on... Because of chip and pin implementation, the |
| Madoffs of the world fleecing their unsuspecting | | | | proliferation of stand-alone terminals that accept chip |
| investors. | | | | and pin has provided a profitable playground for |
| 75% of Americans feel that the recession has | | | | fraudsters." |
| increased their chances of being victimized by criminal | | | | While the card holder is generally only responsible for |
| hackers and thieves. Most are also concerned their | | | | the first $50.00 in losses, which is often waived by a |
| "private" information on a corporate or bank network | | | | "zero liability policy," card holders who don't pay |
| may be compromised. | | | | attention to their statements often let these charges |
| FBI's Internet Crime Complaint Center's 2008 Annual | | | | pass and eat them. |
| Report determined that online fraud increased by | | | | There are many technologies available to secure |
| 33.1% last year. Dollar losses resulting from online fraud | | | | credit cards, such as "smart cards" and "chip and pin." |
| increased to $265 million. | | | | However, due to the nature of a credit card |
| Overall, these concerns are valid, due to flaws in the | | | | transaction, once the data leaves the card, it's up for |
| system of issuing credit that facilitate new account | | | | grabs. Whatever card security their may have been is |
| fraud. Furthermore, account takeover requires nothing | | | | now gone. |
| more than access to credit card numbers, which are | | | | Check your credit and banking statements carefully. |
| available in hacked databases or susceptible every | | | | Scrutinize every charge and refute any unauthorized |
| time you hand your card over to a gas station | | | | charges within 30-60 days. Call your bank or credit |
| attendant. | | | | card company immediately if you see any fraudulent |
| Viruses in spam or phishing emails continue to plague | | | | activity. |
| consumers and as scammers get more sophisticated, | | | | Invest in identity theft protection. Credit freezes or |
| the chances of getting hooked increase. | | | | fraud alerts help prevent new account fraud. Protect |
| Banks and business will continue to feel the pressure | | | | your PC with McAfee, or other Internet security |
| as criminals target their clients' data. | | | | software. |
| Credit card skimming at ATMs and gas pumps makes | | | | |