As we were thinking of writing a post on identity theft, we came across this post from Frank at Milk Your Money. We thought he did such a great job, we’d just ask him to let us post it here. He graciously said yes and we used the time we would have spent writing to check to see if we still have any money in our accounts.
by Frank from Milk Your Money.com
Everybody knows there is a potential to have their identity stolen, but if your like me, you just think it will happen to somebody else. Well, think again. The United States Justice Department on August 5, charged 11 individuals for hacking more than 40 million credit and debit card numbers from nine major retailers.
In what appears to be the largest identity theft case in history, should put consumers on a full time statement watch. Customers of nine major retailers including: DSW Inc, Forever 21, Barnes & Noble, Sports Authority, Dave and Busters, Boston Market, Office Max, BJ’s Wholesale Club, and TJX Cos could all be potential victims.
The 11 charged supposedly hacked into the wireless networks of the large retailers and used “sniffer” programs to help them steal credit and debit card numbers of previous customers. They would then withdrawal thousands of dollars from ATMs. They also sold some of the credit and debit cards numbers over the Internet, which could potentially result in more money out of our accounts. Just because the fraudsters appear to be caught, doesn’t mean your safe.
How Can You Protect Yourself?
Unfortunately, this type of thing will continue to remain a threat against consumers because of the electronic nature of our spending habits. In the near future we will release our tips for protecting your identity with insider insight from Scott Mitic, CEO and Founder of Trusted ID, a company that provides consumers with the power and resources to manage and protect their credit and personal information, and who has access to that information.
Don’t become one of the 40 million:
- Read all you statements carefully. This includes cards you do not use very often.
- Look for suspicious purchases you do not recognize.
- Dispute your charges. If there is a purchase or withdrawal you did not make, call the 800 number on the back of your credit card and report it. More than likely, you will not be charged for the purchase and this will alert them to future purchases. $
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This really is a serious issue that everyone should be aware of. It can be devastating to fid out you have been robbed online. Beside any lost money, it can take you quite a while to repair your credit.
