It seems like every week, a major retailer is announcing a
breach of their data security system, creating a sense of insecurity for
millions of their customers. This trend
is not something that is going to end soon either, making it imperative for
each individual to safeguard their personal information, and monitor all of
their financial accounts. Technology has
provided with us the incredible convenience of paying for things using a credit
card and the Internet. And while we
enjoy coming home to a package on our porch instead of battling the crowds in
stores during the holiday season, consumers can not ignore the risk that goes
along with providing personal information to anyone, whether it is online or in
person.
Thankfully, there are things that consumers can do to help
protect themselves. The most basic and
easiest is to monitor your account activity.
If you see something suspicious, call your Bank or Credit Card provider
immediately. Waiting too long can result
in a significant loss on your end, and it could result in a hit on your credit
rating.
Technology will also be a big help in battling identity
theft, with innovations like Apple Pay and more secure credit cards leading the
way. It will be most interesting to see
the impact Apple Pay will have on the consumer.
This technology, available on the iPhone 6, will allow the user to
register their card information with the Apple Pay service, and instead of
using their card they will simply wave their phone to make purchases at retail
locations. Why is this safer? Because for each use, a new card number is assigned
to the user, and that number can never be used again. Should there be a security breach, the
consumer’s data is safer since the hacker will not be able to use the card
number due to it constantly changing.
Of course, as much new technology will help, hackers will
employ their own technological innovations to try and catch up. So it really
comes down to the old principal of being careful who you provide your
information too, and closely monitoring your account information. Remember, you
are entitled to a free credit report each year, so make sure you take advantage
of this by visiting https://www.annualcreditreport.com/index.action.
Member FDIC.
