THE recent news about shoppers’ credit, debit and even personal data being stolen by hackers from big retail stores (like Target and Neiman Marcus) have left many of us feeling very vulnerable.
We try to be frugal in our spending, especially during these tough economic times, and the thought of having thieves steal our hard-earned money or available line of credit is worrisome and leaves us with a feeling of helplessness.
How can we even protect ourselves from this modern-day electronic robbery?
As reported by CNN, Target said that 70 million customers had their personal information (name, address, phone number and e-mail address) hacked during the breach.
The company added that the breach could affect even past shoppers – not just those who shopped in the store recently.
If you shopped in Target weeks following Thanksgiving, you may be among 40 million customers whose credit or debit card information may have been stolen.
You may also be among the 70 million, who had their personal information breached.
Target said it would try to contact customers by email, to inform them of the breach. The retail store warns though, that it would NOT ask customers to provide any personal information and advises customers not to respond to any e-mail claiming to be from Target.
The company also said customers should likewise NOT give any personal information to scammers, who may call them by phone and pretend to represent Target or any consumer protection agency.
Target said customers will not be liable for the cost of any fraudulent charges. The company is also offering one year of free credit monitoring and identity theft protection to all customers who shopped in US stores. Customers will have three months to enroll in the program.
Experts suggest that customers who used debit or credit cards at Target between Nov. 27 and Dec. 15 should contact their card issuer, and ask for a new card with a new account number. It is also imperative for them to change their PIN and monitor their account carefully for any questionable purchases.
While this data breach doesn’t necessarily mean that thieves can gain access to your bank or credit card accounts, it puts you at greater risk for identity theft.
There is also a risk that these electronic thieves can use your information to try to create new accounts under your name, using your social security number.
What should we do to protect our financial accounts? Let me share with you these pointers, as outlined by Forbes:
– Check your bank statement and credit card accounts regularly. Don’t just look at the “large” transactions; pay attention to the small charges. Those could be a thief checking to see if the account is still active. If you spot a transaction that you did not make, contact your bank immediately.
– Change the PIN number on your debit card.
– Don’t give out your card number or personal information on the phone or via email, unless you have initiated the correspondence. Make it a rule not to click any link you receive in your email.
– Check your credit report. Make sure there are no new accounts that have been opened in your name. Also, check to see if there have been any major changes in your credit score. This can be a sign of identity theft.
– Change the passwords on your financial accounts.
– If your account has been compromised, you can place a free fraud alert on your credit report, which makes it difficult for a thief to open up a new account in your name.
– Consider a credit freeze. This makes it necessary for you to approve the release of any information by the three credit reporting agencies.
– If possible, use your credit card when shopping.
As the New York Times explained: “Credit cards provide more protection if someone steals your card or bank information. If you notice a fraudulent charge on your credit card account, you can call the card issuer, make a dispute claim, and the charge should be removed from your balance. But if thieves steal your debit card information and use it, it may take weeks for the bank to investigate your claim and replace the lost funds. In the meantime, you may have to deal with a dwindling bank balance or bounced checks.”
According to the New York Times, “Federal law also protects you if you need to dispute charges on a credit card, but not if you use a debit card or other forms of payment. If you paid cash or used a debit card, the retailer already has your money. So you have a lot less leverage, and there’s no guarantee you’ll get that money back. But if you pay for something with your credit card and aren’t happy with the purchase, your card issuer can legally withhold payment from the retailer until they resolve the dispute, and you won’t be charged.”
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Gel Santos Relos is the anchor of TFC’s “Balitang America.” Views and opinions expressed by the author in this column are are solely those of the author and not of Asian Journal and ABS-CBN-TFC. For comments, go to www.TheFil-AmPerspective.com, https://www.facebook.com/Gel.Santos.Relos
