We’ve all heard about the Target data breach that has affected 40 million post-Thanksgiving shoppers. The question is, how do you, as a shopper, protect yourself from another breach in the system?
According to CNN.com, debit card users face bigger problems than credit card users when a “headache” like this occurs. While a consumer using a credit card is only responsible for $50 fraudulent charges, debit card users can be held liable up to $500.
Also, if someone gains use of your credit card it is credited back to your account almost immediately. If someone is to get ahold of your debit card, not only can (and they probably will) drain your bank account, but the bank will also take about two weeks to investigate and get your money back to your account.
Be sure, especially during this busy holiday season, to check the activity on your credit and debit accounts. Also, make sure you set your own fraud controls on your account. Some institutions will allow you to block transactions that are out of the ordinary for you.
Watch out for “hotspots,” like gas stations and ATMs, where someone can install a machine that will catch all of your card info.
The Chicago Tribune identified this breach as one of the largest ever. It is expensive to keep up to date on the latest security, however, this breach will cost Target a bit of money this holiday season in lost sales.