Ok…I’m not really sure if my (credit card) information was stolen, but that is what it felt like when I received a letter from my bank that read “ this is a notice regarding a new debit card that is being sent as your current one “may be at risk for fraud”.
I’ve had no fraudulent activity what so ever and wondered what may have triggered this. The following week, I received another letter saying the same, but for my credit card. As I received my very new debit card in the mail, I was slightly annoyed because I now had to memorize a new number and change all my recurring payments as this is the credit card was use for subscriptions.
I thought of this occurrence when we talked about the Target Data breach…and the idea that someone could have my information was in fact scary. Also, that my bank just replaced my credit card without informing why (or who) my cards were at risk for fraud… even scarier. So do banks have the right to NOT tell you why your credit/debit card(s) are at risk of fraud, and can they just replace your old card with a new without asking you or giving you a more detailed description of who they “think” may have stolen your information? In the past few years, US retailers have suffered from a seemingly endless series of security breaches that lead to the loss of customers’ credit card information, and the big reason for this is that our technology for processing credit card transactions. In 2013, the US accounted for 23 percent of all credit card transactions but 47 percent of credit card fraud.
Even with replacing the magnetic strip that once use to take up space on the back of our cards with the chip reduces fraud, scammers seem like they have been one step ahead when it comes to stealing consumers information. Apparently, depending on the laws in your state, your bank may not be legally required to disclose that a compromise occurred, let alone how or where. Reading and discussing the Target breach case study gave me all those anxiety feelings I felt when I thought someone could possibly have my credit card information, and I didn’t know whether to be upset that the bank would not tell me the risk of fraud they thought my credit card could have, or grateful that they just sent out new cards and I did not have any financial damage.
Sadler, Alex Thomas. Clark.com (2017, March 22) Did your bank send you a new debit or credit card? Here’s why. Retrieved from https://clark.com/personal-finance-credit/debit-card-chip-protect-fraud/
Kitten, Tracy. Bank Info Security (2013, December 20) Target Breach: What Happened? Retrieved from https://www.bankinfosecurity.com/target-breach-what-happened-a-6312
Charles, William. Doctorofcredit.com (2020, July 6) Bank of America To Begin Issuing Contactless Cards. Retrieved from https://www.doctorofcredit.com/bank-of-america-to-begin-issuing-contactless-cards/