Have you had card fraud?

Have you had card fraud?

I have and almost everyone I know has as well. It turns out this is for a good reason. Almost one-third of consumers have had card fraud.

This is from a survey from 20 countries. It was almost impossible to not be affected by some breach. I was sent a new card when Chase was breached. I have had to call and have cards cancelled when I have learned their companies got hacked.

Have you had card fraud?It is a full-time job for someone who has lots of cards. Credit cards have gone past the point where they are no longer as useful as they used to be. It used to be that having a credit card helped protect you from merchants that sold unreliable merchandise. Or they protected you when you traveled and used ATM’s that you didn’t know the safety of. They even provided an emergency cushion if you didn’t have an emergency fund.

No longer. When cards are hacked the thief can steal your personal and confidential information. This can cause identity theft, which is complicated and difficult to fix. Some people get wrong information on their credit report that takes years to get corrected. Very frustrating for those victims who trusted the system.

As an IT person I see how senseless and needless this is. Besides hiring IT people who are effective, companies should be punished for failing to protect their members. Of course as this report shows consumers also play a role in the problems. However often those are understandable. People who keep their PIN numbers with their cards might have gotten tired of trying to remember new PIN’s as their card gets breached and they get new cards. Or they might have so many PIN’s because so many companies think that a PIN is a sufficient security measure.

A username and password is never sufficient, and any company who thinks that is enough is just fooling themselves. When companies like Gmail have hackers who are selling account access for $129, clearly the system is broken.

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