CFPB Offers Guidance to Consumers on Debit, Credit Card Data Theft

The number of major chains reportingrnbreaches of data security since the start of the Christmas holidays continuesrnto grow with Michaels the latest to announce problems late last week.   Almost anyone who uses credit or debit cardsrnhas to worry that their personal or credit information has beenrncompromised.  Some stores have evenrnreported thefts of data from customer email or mailing lists.  Today the ConsumerrnFinancial Protection Bureau (CFPB) published tips to help consumers protectrnthemselves from fraud and pointing them toward help should they have a problem.rn</p

“Consumer financial products often involve significantrnamounts of consumer data,” said CFPB Director Richard Cordray. “In light ofrnrecent data breaches, we want to be sure that consumers know how to protectrnthemselves and where to turn if they do suspect fraud.”</p

The CFPB advisory calls payment cards – credit and debitrncards including prepaid versions – as among the most commonly used consumerrnfinancial products.  Nearly three-quartersrnof Americans have at least one credit card and debit cards are used even morernfrequently for purchases.  The recentrndata breaches may have exposed millions of payment card accounts to potentialrnfraud and millions of consumers could have had personal information stolenrnseparately from card information.    </p

CFPB offers the following guidance to help consumers protectrnthemselves from data theft:</p<ul class="unIndentedList"<liReview accounts regularly. Check frequently on-line if possible, but atrna minimum review monthly printed statements.rnCFPB said thieves often test accounts by making small purchases so watch for and report thesernas well as major expenditures. Problemsrncan occur months after an actual data breach so continued vigilance isrnimportant.</li</ul<ul class="unIndentedList"<liConsumers should consider changingrntheir pin numbers even if there is no indication they were stolen.</li</ul<ul class="unIndentedList"<liAlert the bank or card provider immediatelyrnif fraud is suspected. Under federal lawrnthe consumer is generally not responsible for unauthorized debits or charges asrnlong as they are reported quickly. </li</ul<ul class="unIndentedList"<liKeep any evidence of fraud andrnrecord when and how it was reported it to the card provider. Follow-up to be sure proper corrections arernmade.</li</ul<ul class="unIndentedList"<liBe alert for phishing. A legitimate bank or card provider will neverrnask for account information by mail or email.rnIf requests for card numbers, pin numbers, Social Security numbers, orrnother information is requested report it to the card provider. If an email directs a consumer to a websiternwhere information is requested be aware that site may not be legitimate andrncontact the provider.</li</ul

CFPB also reminded consumers that its staff is available tornassist consumers if they are not satisfied with how their own bank or cardrnprovider responds to a report of fraudulent card use.  Complaints can be submitted by phone at (855)rn411-CFPB (2372) or TTY/TDD phone number at (855) 729-CFPB (2372), by fax atrn(855) 237-2392, or online at www.consumerfinance.gov/complaint

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