Denton County Living Well Magazine Spring 2014 | Page 13

Could You Be a
Victim of Fraud?
Courtesy DATCU Credit Union

I

n the last few weeks, major
headlines have focused on
the debit and credit card
breach at Target––the nation’s second largest discount retailer. The debit or credit
cards of more than 70 million Americans were compromised. In subsequent weeks, Neiman Marcus revealed
a security breach that affected over a
million customers and Michael’s craft
stores is now investigating a potential
customer data breach.
Unfortunately, you cannot always stop card fraud. While it
is often the result of a dumpster
diver stealing your sensitive information, in the case of Target,
it was a result of high-tech hacking by professionals. More simply
put––a breach in the retailer’s
firewall security. While you cannot personally stop a professional
breach, there are steps that you,
as a consumer, can take to help
minimize risk in general.
Keep records of all accounts, including expiration dates and contact information, in a safe place.
Never give anyone your account
information––especially over the
phone. Your financial institution
will already have sensitive information so they won’t ask you for it.
Be smart and regularly monitor
all of your accounts.
Use online banking and set-up
electronic alerts and notifications.
Shred all sensitive documents
(including statements, credit offers, and even utility bills).
When conducting transactions,
keep your eye on your card.
If you are going to be away
from home, let your credit union
or bank know the timeframe and
where you are traveling.
Most financial institutions will
be proactive and have steps in
place to try and protect you. This
might include “blocks” in geographical areas known to have
significant fraud risks. They will also
have sophisticated processes in place
to help identify suspicious activity on
your account. In some financial institutions, there are actual individuals
who routinely perform reviews of ac-

counts. And, in working hard to protect
you, they’ll be proactive in notifying
you when and if a transaction doesn’t
look right.
Fraud will likely continue to increase. It seems that the criminal element for identity theft and stolen card
information is always one step ahead.
Therefore, if you are a victim, swift actions are required. We recommend you
do the following:
In Online Banking, set up e-alerts
and notifications––if these are not already in place.
Consider removing links between
accounts (to minimize potential loss).
Lower your card’s daily spending
limits.
If compromised, immediately cancel
your card and order a new one.
Request your credit report from all
three credit bureaus and review for
any lines of credit (loans, credit cards,
etc.) that are not yours.
If a victim, immediately notify the
credit bureaus and have a fraud alert
added to your credit report.
In addition, if you are a victim of
identity theft, contact the authorities.
You will file an official report which
will be necessary for any fraudulent
accounts that might continue to appear.
While you may have no control if
your information is compromised and
fraud occurs, you can and should stil