Asset Planning, Inc Blog

The latest from the team.

New Trends in Credit Card Fraud

 

In a recent article released by AARP and written by Sid Kirchheimer, he writes about the new trends in credit card fraud. With the new chip-enabled EMV cards it is now harder for identity thieves to clone counterfeits of the existing plastic cards. Instead they are focusing on opening new fraudulent accounts with stolen Social Security numbers and other sensitive data. Javelin Strategy & Research reported in its 2016 Identity Fraud Study that new-account fraud more than doubled in 2015 from the previous year.

Here are a few tips on how to protect yourself:

1.Get a credit freeze. Once enacted, a credit (also known as a security) freeze restricts access to your credit report, which creditors check before issuing new financial or service accounts in your name. Without seeing your report, creditors won’t approve accounts to ID thieves posing as you. A freeze must be placed with each of the three major credit-reporting bureaus — typically free for those 65 and older (state laws vary) — and can be unthawed when you are legitimately applying for credit.

2.Secure mobile devices. If your financial life is on a smartphone or tablet, apply software updates that patch known vulnerabilities as soon as they become available. Use security features built into Android and iOS devices, such as passcode or biometric (fingerprint) protection, and programs that encrypt data and remotely wipe contents if the device is lost or stolen.

3.Use strong passwords. They “remain the de facto first line of defense for most online accounts, which has motivated criminals to compromise them whenever possible,” Javelin notes. Using a password manager is a convenient way to maintain good password practices without resorting to writing these codes down, which could also place them at risk of physical compromise.

4. Sign up for account alerts. Offered by banks, credit card issuers and brokerages, these free notifications, via email or text message, provide you with real-time alerts of suspicious activity. When fraud occurs, contact the account issuer immediately.

5.Take data breach notifications seriously. One in 5 data-breach victims suffered fraud in 2015, up from 1 in 7 in 2014. While data breaches at retailers remain an issue, the biggest jump in breaches was at government agencies and health care organizations, with a 64 percent rise in exposure of SSNs.

Continue reading
  875 Hits
875 Hits

Search Blogs Module

Wait a minute, while we are rendering the calendar
2017 TD Ameritrade National LINC Conference estate Part D premiums . July 4 401K debt flash drive emergency folder cell phone carriers offer credit cards non-prescripstion sunglasses vision screening summer Affordable Care Act “ skimmer ”. fees increase clients show support executive order Healthcare integral member jury duty prescription eyeglasses information Facebook Federal Trade Commission website assets Retirement Contribution Limits Notary Public app DNA test kits Amazon contribution limit credit card fraud portal https ://seekingalpha fun facts Treasury Department interest rates gap insurance Orange County Superior Court Supplemental Security Income driver license vacation disaster areas Roth IRA https :// privacy settings April 18 2017. Two-Step Verification blog post April 15 wells Fargo home mortgages Puerto Rico Asset Planning phishing sites Shred paperwork credit monitoring service relief efforts bottom line documents parking spots pet retirement plans Financial Planning Magazine banking Kiplinger Letter life saver 23 andme drive /usb 900 number Erin Nelsen phishing scams illiegal robocallers April 11 consumer spending Wells Fargo customers home pet supplies Medicare Part B premiums trustee California Lions Friends phone companies opt-out home emergency kit company Facebook profile check lists pets asset Planning fun atmosphere retirement health care costs account numbers Social Security D premiums insurance policy Kraig Mathias ice cream event car loans 2018 IRA contributions spring cleaning National Ice Cream month investment statements 20 year anniversary Open Enrollment credit score Medicare question retirement accounts tax season credit card company credit freeze Flexible Spending Account policy Mobile Banking Security Tips identity theft spam phone EEChecklist-Kits.pdf stockpilingchecklist.pdf Auto insurance Social Security Administration Wells Fargo employees tax deadline memorial Day weekend October 1 2020. official certification web address IRS deadline Open House 2017 Equifax breach clients 4 pm -8pm birth certificates card reader chip-enabled EMV cards estate planning CERTIFIED FINANCIAL PLANNER exam ice cream Part B June 29 Orange County rescue organizations home security paperwork clutter CFP ® emergency kit clone counterfeits Victor Dergunov FSA Medicare Part B toilet paper house sitter partner /owner Brexit vote self-help topics money borrowing money scams home emergency preparedness kits ID card VOIP landline phones client portal Independence Day notary services retirement planning Ice Cream Social Legal robocalls email notifications 2017 IRA contributions pet industry Fox News story president Trump information settlement options cell phones padlock Medicare trust identity thieves home break-ins FEMA website privacy notices breach insurance policies 70 1/2. earthquake app checklists IRA accounts