You Shopped at Target, Is Your Information Safe?
Between November 27th and December 15th of 2013, hackers compromised the payment system of Target, putting the credit and debit card information of an estimated 40 million shoppers at risk. Unfortunately, this type of card fraud has steadily increased in recent years causing a reported $11.3 billion in losses worldwide in 2013. Luckily, most financial institutions will work with victims of fraud to refund any lost funds, but not knowing what information has been stolen can keep you up at night with many questions. As a business, this can be even more troublesome. Vision Payments can help you protect yourself and monitor all of your accounts–whether you are a small business or a large corporation.
Was my information compromised?
If you shopped at Target between the dates announced, there will always be a chance that the information in the magnetic strip of the card used was stolen. Some shoppers may have already noticed fraudulent activity on their accounts but many that were affected have yet to see any fraud. Access your online banking or visit a branch and go through all cleared and pending transactions since the breach occurred. If anything irregular has gone through, dispute the charges with your card provider.
Do I need new cards?
In this type of fraud, the information in the magnetic strip is taken, including your card number, security code, expiration date, and PIN. If you believe your card was affected, the best course of action is to call your bank or card company and reorder new cards with different numbers. Many banks have already started calling those they believe to be at risk. Your card provider will know best but a new card with a new number will cancel the card information that was stolen and protect your account.
Should I reset my PIN?
If you used your debit card, your PIN information is at risk as well. Resetting your PIN will ensure that the hackers will be unable to use your debit card with your PIN; however, debit cards can be used without the PIN. If your information was compromised, the thieves wouldn’t be able to pull money out of an ATM or anywhere a PIN is required, but would still be able to use your card without the PIN at most retailers. If your card information was stolen, a new card should be issued and your PIN should be changed.
Card security is extremely important for everyone. Instead of waiting for a huge breach like this to happen, take care of your information today. VPS works with the latest encryption software and will ensure that your and all of your customer’s data is secure.
Contact us today for more information regarding card security.