Originally Posted by
MargeD
It's frustrating, like the recent rash of credit cards being hacked, the first time we used a credit card at Target, the account got hacked. It's not only frustrating, but I get angry when people would rather hack credit cards than get a real job. The first time we were lucky, the second time whoever hacked us charged over $500 to our account, fortunately we were able to get it removed, but the damage was done and we had to get new credit cards, a pain in the neck.
YES! And this type of fraud has been increasing lately. Several major retailers have been hit recently, and some of them are doing their best to keep it out of the news. Home Depot recently had a massive breach as well.
Credit cards are changing though; I think by the end of next year most US credit cards are going to have EMV chips in them. These chips were adopted overseas a long time ago but the US has been slow to join in. These chips are MUCH harder to forge and should cut back on in-person card fraud immensely. (This is where they clone your card - shockingly easy to do; can build a machine with parts from Ebay and all they have to do is get one swipe of your card and they can reproduce it. Then go shopping! The EMV chips will stop that.) Merchants will need to upgrade their terminals too, so that's part of why it's going so slowly. Check with your card issuer and see what their plans are for issuing EMV cards - some issuers are offering them now. (Sometimes also called "Chip and PIN" cards or "Chip and Signature" cards)
The EMV chips will NOT help with internet fraud, though. But any improvement at this point is a good thing if you ask me! I've had my main card reissued THREE TIMES this year due to data compromises!