The cyber attack on Target exposed a whole new world where cyber security is less secure than you may have previously thought. You may even have been one of the potentially 70 million people affected by the attack, who may be forced to cancel a credit card compromised by the data breach.
But don’t go convincing yourself that you are better off without a credit card or any access to credit. When you use your credit card, you are also building your credit score, which will make you far more likely to acquire larger loans later in life for things like a car or even to make a down payment on a home.
In fact credit card security is expected to improve over the next two years. One of the reasons Target and other retailers were vulnerable to such a massive cyber attack is that the US is years behind the rest of the developed world in terms of secure credit cards.
However, the US will catch up over the next two years. By the end of 2016, retailers across the country are expected to have point of sale terminals that are solely equipped for chip and PIN credit cards.
Chip cards are more secure than any of the magnetic striped cards you currently own. The chip on the card prevents scammers from hacking the personal data on the card, which means there is a significantly reduced chance that a data breach as massive as what hit Target will happen again.
In the meantime, you can rigorously keep track of any charges on your credit card statements. Banks and creditors typically catch any unusual behavior by suspending the card, but it definitely helps to have your own eyes keeping track of expenses too. After all, you know what you buy more than any credit monitor.
If there is one thing that the Target data breach should teach you is that nothing in this world is completely secure. But at the same time, you can’t avoid living your life because of something that might happen. Keep a close eye on your own spending habits, and you should be your first and primary point of credit card security from here on out.
Security breaches of any kind are a scary phenomenon. They set the stage for more nefarious activities like identity theft if not properly handled. I think its the onus of each individual to safeguard their credit card data and financial information and remain aware of their surroundings when using them. Additionally, proper record keeping and monitoring accounts go a long way in ensuring the breach hasn’t affected us.
Simon @ Airline Miles Experts recently posted…5 Sure-Fire Tactics To Fight Credit Card Fraud
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With the Target data breach, it would seem as though they would need to come up with a data breach response plan. I’m guessing that now that this happened other companies have come together in creating a plan to prevent breaches. Mainly because from what people have told me is that the breaches exposed every customer account and personal information.