Protecting your personal information is important to protecting and repairing your credit. Security risks are everywhere, including your wallet. By now, you probably now have a credit or debit card that uses a chip. Those chips, however, can fall out of the plastic card. An intact chip could be placed onto another card, allowing an unauthorized person to access the account or personal information. Consumers should be aware of this issue to protect their security and identity.
When it comes to security, losing a credit card chip is equivalent to losing the entire card itself. Glue holds the chip in place, and normal wear and tear can loosen the adhesive. In an extreme scenario, a thief could remove a card’s chip and replace it with a dummy chip. With the stolen chip, a thief could make purchases without raising suspicion. Recovering from credit card theft is a time consuming process. Depending on the extent of the damage, the effects could have a long-term impact on your credit, especially if an account becomes delinquent.
Tips to Protect Yourself
Security risks always exist, but you can take measures to protect yourself. Bankrate compiled five easy techniques for consumers to protect their accounts and information:
- Set up mobile banking alerts for your phone from your financial institution. You can discover unusual activity as quickly as possible.
- Regularly monitor your accounts online. Being familiar with your activity can help identify fraudulent transactions faster.
- Avoid public computers. Do not log on to your email if your bank corresponds with you there. Set up a separate email account just for your finances and checking it from safe locations.
- Avoid doing business with unfamiliar online companies. Stick to established merchants and websites.
- If your information has been compromised, notify your financial institutions and local law enforcement. Remember to notify any of the three credit bureaus—Experian, Equifax and TransUnion—to place a fraud alert on your credit reports.
Lexington Law can help you monitor and repair your credit. You can learn more here, and carry on the conversation on our social media platforms. Like and follow us on Facebook and leave us a tweet on Twitter.