Saturday, June 18, 2005

Credit Cards Thieves

This really ticks me off!

I read this article today about how 40 million credit cards are at risk. This on the heals of 10 million Americans having sensitive information stolen from ChoicePoint card processing services which could be used for identity theft.

Apparently the credit card processing center was infiltrated by a rogue program that was harvesting credit card numbers from MasterCard, Visa, American Express, Discover Card, and a number of others.

All ready there have been over 68,000 fake charges to accounts.

Now for the big rub.

No one is going to do anything about it. They are going to leave it up to individual card members to double check and verify charges made. The processing center is leaving it up to the Credit Card Companies and the Credit Card Companies are leaving it up to the individuals to catch fake charges.

The article stated that new cards could be re-issued with new numbers but the bean counters feel it would be too expensive at a cost of over 1 billion dollars. So instead management has decided to do nothing. Further more, they are not even going to tell the people who had their personal card information stolen.

So now, not only do we have to worry about thieves stealing our wallets and website scam thefts for our personal information but now we have to consider the theft of our card numbers through all the financial institutions. Is it any wonder that identity theft is on the rise?

Financial institutions need to develop better security measures to fight against this.

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1 comment:

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