Finance & Loans

What to do if your credit or debit card security has been breached

The Atlanta based Global Payments, a credit and debit card processor recently revealed that up to 1.5 million accounts in North America have been hacked. Master Card issued a statement asking card holders to contact their financial institution if they have any concerns and Visa said their cards are not impacted by the hacking. Here’s what to do if you discover any unauthorized transactions on your credit or debit cards.

• Scrutinize your monthly statement very carefully for any unauthorized charges.
• Contact your financial institution immediately.
• Know your rights. You are not responsible for more than $50 fraudulent charges under the Federal law and most card issuers will remove the entire charge.
• Place a fraud alert in your credit files. This will obligate any credit agency to contact you before issuing any new credit.
• Get free copies of your credit reports annually and review those reports for any inconsistencies.
• You can also contact the retailer who charged your card. It could be a simple mistake that can be corrected promptly.

Many states now carry laws requiring timely disclosure of data breaches and stiff penalties for failure to inform such incidents.