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Your Identity Has Been Hacked, Now What?

The battle between identity thieves, merchants, and consumers is heating up. In a time where online shopping is growing, merchants who offer online services must find new and innovative ways to protect consumer information. Despite best efforts, merchants can be hacked and the personal information of their customers can be jeopardized. While there is no federal law requiring individuals be personally notified of a data-related security breaches, there are some steps that federal fraud specialists and consumer say you should take in case of a security breach:

  1. Look at receipts to figure out which cards were used at the breached store.
  2. Change the passwords to the online version of that account. This could stop cyberspace attacks, but won’t protect against in-store purchases.
  3. Monitor your bank accounts. Fraudsters generally strike immediately as time is of the essence. If you used a debit or ATM card, chances are they’ll attempt to withdraw funds right away. Check online every day for the next few weeks — or until authorities or your bank issues an all clear.
  4. If you find an unauthorized transaction, notify the bank immediately. The issuer will most likely tell you to cut up the card and reissue a new one.
  5. You must notify the card issuer within 60 days of the transaction. Liability for unauthorized purchases is usually limited to $50 as long as the transaction is reported within the 60 days.
  6. If you see unauthorized transactions, call one of the major credit reporting bureaus and put a “fraud alert” on your account. This service is free and stays on your accounts for at least 90 days. This will make it difficult for a thieves to open more accounts in your name.

The bottom line is that identity theft can be avoided, or at least properly managed through vigilance and quick response. If you are a business owner, you need chargeback insurance providers that will protect your interests against chargebacks that result from identity theft. The eMerchantBroker Chargeback Shield has been proven to reduce the frequency of chargebacks by 15-30%. The Chargeback Shield is just another exceptional service that separates EMB from its competitors. Chargeback Shield takes the risk out of high risk business.