Steps Consumers Can Take After a Data Breach
Target recently announced that approximately 40 million credit and debit card accounts used by its customers at Target retail stores may have been compromised by a data breach. Data breaches at retailers like Target are rare and Target reported its breach to authorities right away, thereby minimizing a criminal’s ability to take advantage of the data they’ve stolen. Additionally, consumers will not be held liable for any fraudulent charges so long as they monitor their accounts and report unusual activity to their financial institutions.
In an effort to assist any consumers affected by the Target data breach, ETA has compiled a list of actions consumers should take if they believe their information has been compromised.
Confirm the Breach
First, make sure that your card information has actually been compromised. If you receive a notification via email requesting “confirmation” of your card information, don’t respond – it could be an opportunistic fraudster. Check the merchant’s website for news about a breach or reach out to customer support for details
Manage Passwords/PINs
Changing passwords and PINs should be another early action. Even if you didn’t receive notification from a service that has experienced a data breach, you should change your password regularly in order to help prevent fraudulent use of your accounts.
Monitor Your Banking and Credit Statements Closely
Check every item on your bank statements and credit card statements to be sure they are legitimate charges and expenditures. If you find something that doesn’t match your receipts, call your financial institution immediately to report the suspected fraud.
File a Fraud Alert with all Three Credit Reporting Agencies
If you suspect fraudulent use of your accounts, you can notify the credit reporting agencies to place a “fraud alert” that will make it difficult for any new accounts to be opened in your name. The credit reporting agencies – TransUnion, Equifax, and Experian — are required by law to flag your credit report for 90 days if you file a fraud alert. Then if someone tries to open a new account using your credit information (including you), you should be contacted for verification.