Credit-card security: What should you do now

Source: Winston-Salem Journal, N.mini storageC.Dec. 20--You are a Target customer who used a credit or debit card to make a purchase in the time from the Black Friday shopping period through Dec. 15.You've heard about the data security breach that has hit the nation's second largest discount store and an estimated 40 million accounts.So what should you do to determine if you've been affected?Retail officials say to pay close attention to your financial statements -- checking them online is preferable -- and don't panic if fraudulent purchases show up. Target said online purchases were not affected by the data breach.The stolen data included much of the typical card information: numbers, expiration dates and the embedded code on the magnetic strip on back of the card. The breach affected Target-branded credit cards and those of the major credit-card brands, such as Visa and MasterCard.David Dalrymple, president and chief executive of the Better Business Bureau of Northwest N.C., said consumers who used a credit card at Target are not liable for fraudulent charges.Consumers should keep their receipts to prove which charges they authorized and which ones they did not."If you see a fraudulent charge, report it to your bank or credit card issuer immediately so the charge can be reversed and a new card issued," Dalrymple said. The number for calling Target concerning its store brand credit cards is (866) 852-8680.Dalrymple said consumers who used a debit card need to be more observant because fraudulent transactions would come directly from their checking account. "What's more, you may have some liability if you fail to report unauthorized charges within 60 days after your statement is sent to you," he said.Target is in the process of notifying banks and credit card issuers, who will in turn notify affected customers.Dalrymple said consumers don't have to wait for an official notification to request a new debit card or to put a security block on their credit card account. Some banks may charge a fee for replacing a debit or credit card.Since the fraud has been tied to Target, it'll be the retailer that ultimately compensates the banks and credit card companies.Target advised customers Thursday to check their statements carefully. Those who see suspicious charges on the cards should report it to their credit card companies and call Target at 866-852-868self storage.Cases of identity theft can also be reported to law enforcement or the Federal Trade Commission. However, it is not clear if these cases will receive a higher level of priority among law enforcement and regulatory agencies than typically accompanies identity-theft complaints.Dalrymple said it's possible the Target data breach could generate a wave of scammers who send unsolicited e-mails purporting to be from the retailer, a bank or a credit card issuer with solutions for fixing any potential compromised account."Phishing emails may attempt to fool you into providing your credit card information or ask you to click on a link or open an attachment, which can download malware on your computer that are designed to steal your identity," Dalrymple said. "Don't click on any email links or attachments unless you are absolutely certain the sender is authentic."Target hasn't said how and why the data breach occurred.Industry experts note that companies, such as Target, spend millions of dollars annually on credit card security, making a theft of this magnitude particularly alarming.Experts disagree about how the breach might have happened.Avivah Litan, a security analyst with Gartner Research, said that given all the security, she believes the breach may have been an inside job.However, Ken Stasiak, founder and chief executive of Secure State, said thefts of this size are too big to be the work of company employees. His company is an information security firm that investigates data breaches. Stasiak says that such breaches are generally perpetrated by organized crime or an overseas, state-sponsored hacker group.Stasiak's theory is that the hackers were able to breach Target's main information hub and then wrote a code that gave them access to the company's point of sale system and all of its cash registers. That access allowed the hackers to capture the data from shoppers' cards as they were swiped.Litan cautioned that consumers could feel another pinch if potential regulatory fines and the cost of defending class-action lawsuits are steep enough to cause Target to raise prices.The Associated Press contributed to this articlercraver@wsjournal.com(336) 727-7376Copyright: ___ (c)2013 Winston-Salem Journal (Winston Salem, N.C.) Visit Winston-Salem Journal (Winston Salem, N.C.) at 2.journalnow.com Distributed by MCT Information Services迷你倉