Roughly one in three people who received data-breach notification letters in 2013 – 2014 became victims of fraud! A ratio that continues to worsen from 2012 and 2011 levels. Due to large Department Store (i.e. Home Depot and Target) data breaches, more than 13 million U.S. consumers were victimized by identity fraud in 2013, while overall loses on existing debit and credit card accounts surged 45% to about $16 billion.
The standard technology for U.S. payment systems has long relied on data contained in magnetic strips on the back of credit and debit cards. But it’s just not working and it’s making life easier for criminals, who buy lists with consumers’ stolen account data on the black market. Far reaching breaches have raised the stakes and now banks and retailers are looking at options to improve the security for data breaches, but the truth is…the risk to consumers still remains.
Join me today as my Guest, Mark Falter, President of Mid-American Tax Advisory, and I discuss the ways that consumers can fight back when it comes to fraud!
Some of the topics we will be discussing include:
- What are EMV chips in credit cards and are they better?
- Why is the U.S. not using more EMV chips in cards?
- No carded needed? Out comes a new technology called “tokenization”
- New mobile payment systems for Apple Pay and Google Wallet…are they safe?
- Debit vs. Credit Cards – What’s the difference and which is better?
- What are the best ways to protect yourself from fraud?
Identity theft is a reality that affects everyone and it’s becoming more and more important to protect your sensitive information now more than ever! Credit Monitoring is a great way to start! I’ve used several credit monitoring services and have been protected on multiple occasions, Here are my favorites.