With JP Morgan’s recent revelations (even Mr. “Let Me Be Clear” is concerned), that’s three major financial data compromises in less than a year. I was one of the victims. These crooks exploit their ill-gotten information quickly and skillfully. It must cost credit card issuers billions in losses and millions trying to plug the holes.
And yet, when I try to warn businesses that my credit card has been compromised twice (and that they may be the leak), they yawn and tell me not to worry. In fact, since less than a dozen people had been given my new number, the potential leaks was reduced.
Why aren’t businesses taking these computer hacks seriously? Maybe they think it’s not their problem. The credit card holder (you) and the card issuer (your bank) bear the immediate burden, but these losses will eventually increase their cost of doing business.
Credit card issuers spend a lot of money luring you to use the credit card more often for more things. They tout the convenience and safety. Well, it’s getting less safe daily. And convenience? I’m still dealing with the aftermath of having my card compromised. It can happen to you.
Yet many of you are loading your credit card information into your smart phone to be remotely scanned at the point of sales. And you don’t think the hackers are going to jump all over that?
Last Wednesday (October 8, 2014) we learned that the US Postal Service has put 13 million change of address records at risk. Then Thursday (October 9, 2014) Dairy Queen admitted compromised data at 80% of their outlets.
Complacency, people, is going to mess you up.