America’s existing credit card system — embossed account numbers on the card face and the magnetic stripe on the reverse side — is ready for retirement. But we have trouble getting rid of it, due to the immense cost of replacing obsolete payment terminals that date back to the Nixon administration. An alphabet soup of potential replacements — NFC, EMV, chip and PIN — have been trotted out. But a new process announced by a scientist in Great Britain promises to embed the data of both features directly into the card, obviating the need for holograms and other doodads.
Would you lie to your bank if it meant protecting yourself from identity theft?
Although some cardholders indicate they would stretch the truth to keep themselves safe — telling the bank a credit card was lost or stolen when, in fact, that wasn’t true — lying could actually end up hurting you, experts say.
For the second time this year, my credit card’s security has been compromised.
Back in January, I learned that my credit card was reported stolen by FIA Card Services (a Bank of America subsidiary) after I got an email notification from the AAA Texas credit monitoring service about a change to my credit report. At that time, when I called the bank, they confirmed that I was among a group of cardholders who had their information possibly exposed due to transactions at an unnamed merchant. They had decided to preemptively issue me a new card, which I later got in the mail.
And in a case of near dÃ©jÃ vu, late last week, I received both another notification from AAA and a letter containing a new replacement card from FIA. So I decided to find out what merchant was the source of this latest breach.
The next email bearing my bank’s logo could very well be from a hacker.
Earlier today, Chase sent an email warning of a major theft that could affect me and other bank customers. “Chase is letting our customers know that we have been informed by Epsilon, a vendor we use to send emails, that an unauthorized person outside Epsilon accessed files that included email addresses of some Chase customers,” the email said.
Chase explained that although some customer email addresses were compromised in the breach, the stolen information “did not include any customer account or financial information. Based on everything we know, your accounts and confidential information remain secure.”
Based on news reports, Chase customers aren’t the only ones who have been victimized.
When I learned last week about what may have been the world’s largest data breach, I knew there were going to be potentially millions of victims. What I didn’t expect is that I may be one of them.