Protect Your Money - Trash your PIN
I’m sitting at the US Airways gate in the Tampa, FL airport waiting to return home after a 2-day conference on credit card security. Since my flight is already delayed, which has become commonplace for US Airways, it seemed like a good time to work on my post.
Unbeknownst to many consumers, many retailers are under the gun to comply with new standards implemented by the Payment Card Industry Security Standards Council to ensure the safeguarding of cardholder data. While this is a good thing for consumers, it may put many mom and pop operations out of business.
The standards include some simple guidelines that are just good practice for anyone with a complex network or standalone computer connected to the Internet. These include installing a firewall to block incoming attacks; installing anti-virus software on your computer(s); enable password protection on your PC(s) and regularly change such password(s). While that seems like pretty basic stuff that any PC owner would normally do, it gets more complicated in regards to logging requirements and software/hardware upgrades to existing POS (Point of Sale) equipment. While retailers scramble to get their operations up to snuff and avoid stiff monetary penalties, there’s something each consumer should consider to protect their own cash.
A credit card thief is looking to get sensitive cardholder data that is encoded on the card’s magnetic stripe. One of those pieces of information is the cardholder’s PIN. Here in the States, we don’t punch in a PIN number when using our credit cards. We just swipe and sign, and depending on the amount of sale may no longer even sign. However, do you remember when you first signed up for that credit card in your purse or wallet? You were asked if you wanted to select a PIN number so that you could withdraw cash against your credit at an approved ATM. While some thieves will make purchases with stolen card data, most would rather get cash, and if they have your PIN they’re in business.
If you don’t use an ATM to get cash from your credit card on a regular basis, consider calling the issuing card company and have them cancel your PIN. If your card data is ever compromised it won’t protect your card from being used on a thief’s purchase of air tickets to the Bahamas, but it will keep him from getting cash to buy those umbrella drinks at the tiki bar.
on October 22nd, 2007 at 9:14 pm
I never use my credit card at an ATM machine. The associated fees are a killer. I believe in most cases monthly interest begin to accrue the minute you use it.
on November 1st, 2007 at 11:16 am
I don’t know about pin numbers, but last week I rec’d an EMERGENCY email from a friend supposedly stuck in Africa with no money or ID. The email looked legitimate, and I was to reply for directions in transferring cash to her.
I followed up with her and someone had stole her email address book, and she was at that moment emailing a letter and calling people to verify that she was not in Africa.
Not sure how much other financial info, in addition to pocketing my emergency donation, the thief would’ve gotten from me.
scary!