Q&A: What should cardholders do?

  • Article
  • Updated: January 10, 2014 - 11:02 PM

For those who suspect the bad guys have their credit information, here’s some advice.

  • 5
  • Comments

  • Results per page:
  • 1 - 5 of 5
ericgus55Jan. 10, 1412:50 PM

Situations like this serve as an example of why debit cards are a bad idea. If a credit card number is compromised, the charges will add onto a bill that can be examined later and usually handled without actual loss of money or responsibility to the cardholder. If someone gets your debit card number, the money is gone from the bank account and is much harder to remedy (sometimes it cannot). Moral of the story: don't use debit cards.

12
0
albstromJan. 10, 14 2:40 PM

The banks can't afford tens of billions of dollars on switching over to microchips? I think they can't afford not to. Isn't it much more expensive to cover the losses due to a data breach like this? If so, the cost is a no-brainer.

11
1
mirallJan. 10, 14 3:59 PM

The banks aren't on the hook for the costs of this security breach, Target is. And if Target or any other company refused to take financial responsibility, I assume the banks would sue. The only way this landscape will change is if some large bank suffers a security breach of its own systems and has to take the responsibility itself.

6
0
bdthompsonJan. 11, 14 7:10 AM

Like it or not, the cost of these breeches (or, more particularly, the fraudulent use of the data) is seen as part of the 'cost of doing business'. That is why the credit card companies get that 2-3% on each transaction - insurance. But it also points out why the credit card is better than the debit card - no direct exposure. The cost of the 'chip and pin' cards is a direct cost to the credit card companies and banks and not a speculative cost like the (potential) fraudulent use. That said, it really is time for the US to catch up with the rest of the world.

3
0
swmnguyJan. 11, 14 8:51 AM

We're giving the big banks around $75 Billion per month to keep them afloat (until last month it was $85 Billion). And they can't afford to spend a few Billion of that to safeguard the integrity of our card system? Our system is highly dependent on trust. When that trust is lost, the system starts to fall apart. And then I suppose we'll have to spend Billions more per month to bail out the banks some more?

4
3
  • 1 - 5 of 5

Comment on this story   |  

ADVERTISEMENT

Connect with twitterConnect with facebookConnect with Google+Connect with PinterestConnect with PinterestConnect with RssfeedConnect with email newsletters

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT