News From Terre Haute, Indiana

Breaking News

Business

February 12, 2007

The cost of theft: Citizens pay for credit card theft through higher banking, card fees

(Continued)

TERRE HAUTE —



Who should foot the bill?

“Not one person bothered to check ID,” said the local victim of credit card theft, referring to store clerks who accepted her stolen card. Maybe if the stores, instead of the banks, had to “eat the charges,” she said, they would be more careful.

But automated gasoline purchases, online shopping and other recent shopping innovations make it clear that credit card use is getting easier, faster and more common. Face-to-face transactions and the practice of signature verification may be becoming less and less the norm.

“It’s always good on a face-to-face transaction that they verify the signature,” Piazza said. But, with systems such as Falcon in place, the risks are not as great as they might seem, he said.

In the meantime, credit card fraud remains an expensive problem, but not one that most consumers deal with out-of-pocket since the law shields consumers from direct monetary costs. However, these costs are nevertheless real and are reflected in higher banking and card fees, higher prices at the stores and wasted time spent sorting out the mess a credit card theft creates.

Arthur Foulkes can be contacted at (812) 231-4232 or arthur.foulkes@tribstar.com.



PROTECT YOURSELF

• Open credit card bills promptly and reconcile accounts monthly. You have 60 days to dispute questionable charges.

• Report any questionable charges promptly and in writing to your card issuer.

• Notify card companies in advance if you change your address.

• Keep an eye on your card during a transaction.

• Save receipts to compare with card statements.

• Sign your cards as soon as you receive them.

• Do not lend your cards to anyone.

• Do not leave your cards or receipts lying around.

• Do not give out account information over the phone unless you know the company is reputable.

• Do not click on embedded e-mails.

• Do not click on attachments.

ON THE NET

• For additional security tips, see the Federal Trade Commission Web site at www.ftc.gov. For more information on identity theft and “phishing,” see www.cacr.iu.edu.

Text Only | Photo Reprints
Business
Latest News
TribStar.com Poll
AP Video
Raw: Israel Bombs Multiple Targets in Gaza Raw: MH17 Passenger Remains in Kharkiv, Ukraine Raw: Israel Hits Gaza Targets, Destroys Mosques Raw: Lawmakers Scuffle in Ukraine's Parliament New Orleans Plans to Recycle Cigarette Butts Raw: Cargo Craft Undocks From Space Station Michigan Plant's Goal: Flower and Die Widow: Jury Sent Big Tobacco a $23B Message WWII Vet Gets Medals, 70 Years Late UN Security Council Calls for MH 17 Crash Probe Veteran Creates Job During High Unemployment Foxx Cites Washington 'Circus Mirror' Obama Offers Condolences at Dutch Embassy Cat Fans Lap Up Feline Film Festival ShowBiz Minute: Hoffman, Oberst, Box Office The Rock Finds His Inner 'Hercules' Israeli Aircraft Hits Dozens of Gaza Targets Obama Bestows Medal of Honor on NH Veteran Texas Sending National Guard Troops to Border Courts Conflicted Over Healthcare Law
NDN Video
Samsung Pre-Trolls The IPhone 6 With New Ad Jimmy Kimmel Introduces His Baby Girl Swim Daily, Nina Agdal in the Cook Islands Guilty Dog Apologizes to Baby for Stealing Her Toy Prince George Turns 1 and is Already a Trendsetter Train Collides With Semi Truck Carrying Lighter Fluid Kanye West Tells-All on Wedding in "GQ" Interview Tony Dungy Weighs in on Michael Sam Scarlett Johansson Set To Marry In August New Star Wars Episode XII X-Wing Revealed Obama: Putin must push separatists to aid MH17 probe Michigan inmates no longer allowed to wear orange due to 'OITNB' Adam Levine Ties the Knot Sebastian The Ibis Walks Beautiful Bride Down The Aisle | ACC Must See Moment NASA Ceremony Honors Moon Walker Neil Armstrong Faces of Souls Lost in Malaysian Plane Crash 105-year-old woman throws first pitch Man Creates Spreadsheet of Wife's Reasons for Turning Down Sex 'Weird Al' Is Wowed by Album's Success Rory McIlroy struggles, surges, wins British Open
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
  • -

     

    March 12, 2010

activity