By Jay Glatz, State Bank of Speer
The news is full of stories of credit card fraud, especially where specific companies have experienced breaches where credit card information has been stolen from stores like Target, Michaels, Nieman Marcus and most recently, PF Chang. These companies have all had their systems breached and credit card information was used to make fraudulent purchases at stores and online. A year ago consumers blamed the banks and card issuers for their losses from fraud and consumer trust in financial institutions started to fall.
Fast forward one year and consumer perception has changed. Victims now believe that the companies which had their systems breached are at fault. According to a study done by Javelin Strategy and Research and the National Consumers League, 59 percent of breach victims report significantly decreased trust in merchants who failed to protect their data. The same victims overwhelmingly demand government action to mitigate the risks posed by ongoing breaches and identity theft. Seventy percent of the victims in the study believe the federal government should be responsible for setting data security standards for businesses.
What can we consumers do? We cannot stop these cyber thieves from hacking into the credit card information at various retail stores. However, we need to be sure to closely monitor our credit and debit card accounts. Online banking allows consumers to check the transactions in their accounts on a daily (or hourly) basis. Consumers can also monitor their credit card accounts online to check transactions in their credit card accounts. If a person finds irregularities or suspicious activity in their accounts they should contact their bank or credit card companies immediately. We know stores like Target and PF Chang have tightened their security and other major retailers are doing the same. But remember, you can also be a part of the solution to credit card fraud by closely monitoring your accounts on a regular basis.
Needing to do a check on your financial health? State Bank of Speer can assist with your personal and business needs. For more information, please contact the Peoria branch at 309-691-9345 or the Speer location at 309-249-4141. Visit us online to learn all our banking services to serve you: speerbank.com.