Doing any shopping this season? Crime goes up in a down economy, and credit and debit card users are often the victims.
Identity?theft is on the rise: Last year 9.9 million consumers had their data stolen, a 22% jump from 2007. Here are a few ways to better protect your wallet:
Shop the big names. With more than 70 retailers and payment processors since 2006 reporting breached customer?data, it’s no surprise consumers look for certified safety seals such as VeriSign and Trust Guard on retail Web sites. But researchers say not all certification?programs can ensure that retailers will follow security or privacy guidelines.
Phil Hochmuth, a senior analyst at research firm Yankee Group, which did a study on seals, cites an “overall lack of a generally accepted standard” of what they mean. “That’s the nature of the Internet,” he says.
- Quiz: Calculate your credit
Experts agree: Stick with big, national companies such as Amazon.com, which have stronger security because “they have the most to lose,” Hochmuth says.
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Find some privacy. “Shoulder-surfing” attacks have occurred at ATMs and computers. Cell phone owners may be even more vulnerable to nosy neighbors, because they tend to type more slowly on their handhelds and use them everywhere, says Tal Garfinkel, a scientist at VMware who develops security technologies. For $3 to $10, e-tailers such as Overstock.com sell filters that darken phone screens when viewed from an angle.
Video: Holiday shoppers gobble up mail-order treats
The safest shopping sites
Use the right card. If bogus charges were made on your credit?card, you’re not liable for them while they’re being investigated. But banks can take up to two weeks before restoring debit card funds to your account. Plus victims could be liable for up to $500 in losses if they wait more than three days to report a problem or far more if they wait longer; credit cards cap losses at $50.
To be truly safe, “never use debit?cards,” says Paul Stephens, a director at the Privacy Rights Clearinghouse, a consumer group.
This article was reported by Neil Parmer for SmartMoney.
Published Dec. 14, 2009
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