Identity Theft in the News

Bank Reissues Credit and Debit Cards Because of Identity Theft Potential

Due to fears of identity theft and a security breach, thousands of debit and credit cards were reissued in Michigan. Identity theft can have far-reaching side effects, and reissuing credit cards hopefully alleviated the potential for identity theft.

Michigan Is In The News Again

There was a security breach at a gas station chain located in Michigan several months ago. One institution, the Community Shores Bank, was affected and asked over 500 members to destroy their credit and debit cards because several cards were involved in fraudulent transactions. This financial institution made a good choice by reissuing credit and debit cards for their members.

A Blind Victim

Identity theft criminals are technologically savvy, and there is almost always a lag between a security breach and subsequent measures intended to minimize any problems. It is not always obvious that a crime has occurred, and a security breach sometimes becomes known only after identity theft criminals have duplicated and began using credit cards fraudulently.

Keep On Top Of It

The above story reinforces the importance of keeping a close eye on your credit card statements for suspicious, unauthorized activity. As a consumer, sometimes you will be the first person to notice if your credit card has been duplicated. Your notifying your financial institution can further shed light on the matter. In the Michigan case, thousands of consumers were affected. If a financial institution notices a high level of identity theft complaints, they are going to be alerted to the need to investigate the matter further.

It's Note Hopeless

Even though the security breach that occurred in Michigan and led to identity theft was beyond consumers’ control, you still need to continue to do things to reduce your risk of identity theft that are within your control. Shred all important financial documents. Store your social security card in your safe or in a locked box, and never respond to unsolicited emails by providing personal or financial information.

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