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Stolen Business Debit Cards at Greater Risk

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WE DO NOT SELL DUMPS. DO NOT EMAIL OR CALL US.

WE DO NOT SELL DUMPS

A debit card from your business, in the virtual hands of a thief, spells a mountain of trouble. The thief can generate a duplicate of your business debit card, then splurge. A “cloned” card can be swiped in a card reader, appearing legitimate.

2CBanks are not legally required to reimburse a business’s stolen money from the fraudulent debit card purchases. Nevertheless, some institutions do reimburse, but that’s only after the business owner can prove theft.

Banks are reluctant to believe businesses claiming victimship. A business may spend months, even years, using lawyers, trying to convince a bank of the crime.

Tips from creditcardguide.com for preventing business debit card fraud and getting faster reimbursement:

For purchases, use your business credit card. If theft occurs, the card company will immediately remove the fraudulent charges—and then pursue the matter.

Use the business debit card strictly for a withdrawal or a deposit. The card should be sans the MasterCard or Visa logo; it’s for deposits and withdrawals only. If you make a purchase with it on a tampered-with card reader, the thief could use your data to make purchases—that’s instant cash out of your account.

Keep tabs on your account daily; weekly at a minimum, even if your bank promises “anomaly detection” in your purchases.

Set up apps in mobile devices to allow account holders to check activity daily.

Use multi-layered protection. Set up spending limits, set up text/email alerts.

Suspicious events, such as exceeding a specified dollar amount in a purchase, should be alerted via e-mail or text.

Implement limited access by employees to your business’s cards.

Get to know your banker or credit union. Having to convince a bank that your money was stolen will be easier if you have a pre-established relationship with the institution. Does your financial institution know you? Or are you merely one of a million customers? Don’t be just another face in the crowd to your bank or credit union; it might someday save your can.

Robert Siciliano is an Identity Theft Expert to AllClearID. He is the author of 99 Things You Wish You Knew Before Your Identity Was Stolen See him knock’em dead in this identity theft prevention video. Disclosures.

Identity Theft – Common Consumer Errors

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The major problem that consumers face today is a fundamental lack of understanding of what identity theft actually is. Most people think of identity theft as when someone uses your credit card without your permission. Fraudulent credit card use is certainly a multibillion dollar problem, but it’s only one small part of the identity theft threat. A comprehensive understanding of what identity theft and what it is not empowers citizens to make informed decisions about how they should protect themselves.

People who have been victimized by identity theft often have a difficult time functioning as a result of their circumstance. Some deal with minor administrative annoyances whiles others suffer financial devastation and legal nightmares.

No one is immune to identity theft:

A woman contacted me who was previously a very successful real estate agent and the president of her local real estate group. She had climbed the ranks from sales to broker/owner and oversaw dozens of employees. A former boyfriend stole her Social Security number and his new girlfriend used it to assume her identity. Over the course of five years the ex-boyfriend and his new girlfriend traveled the world on stolen credit and destroyed the real estate agent’s ability to buy and sell property. Her real estate license was suspended and her life was turned upside down.

Awareness is key:

Do you carry your Social Security number or a Social Security card in your wallet? Do you provide this number to anyone who asks for it? The most commonly dispensed advice in response to these questions is: don’t carry the card and don’t give out the number. But in reality, there are many times when you have to use your Social Security number. Because this number is our primary identifier, we have to put it at risk constantly. Refusing to disclose your Social Security number under any circumstances is like refusing to eat because the food might be bad for you. There are always risks. The key is managing those risks and making smarter decisions.

Do you know what ATM skimming is? Have you seen a skimmer? Have you been phished? Would you know what a fraudulent auction looks like? Do you put your name on a “stop delivery list” when you travel? Do you know how to update the critical security patches in your computer’s operating system? Do you know if the doctor’s office your child just went to has done background checks on all the employees who handled your and your child’s Social Security number? Most people struggle to answer questions like these.

We live in a technologically dependant time and we rely on all these tools and modes of communication, and most people do not understand the risks. The good news is, I do. And McAfee does. And what we do is keep you informed of your options, so that you know how to protect yourself and your family.

The most important thing you can do right now is not worry about this stuff. But you do need to take some time to educate yourself.

Download McAfee’s eGuide,“What You Need to Know to Avoid Identity Theft.”

Take five minutes to assess your risk of identity theft. Fill out the Identity Theft Risk Assessment Tool to get your “risk profile.”