Prudent Money Mailbox – My Card Was Stolen!

Dear Bob

My credit card number was stolen.  The Card Company detected fraud and contacted me.  They are sending me new cards with a new number.  My card was not lost, so I’m unsure how the number was stolen, but it was used to spend $2K at a local grocery store.   They told me they will investigate and let me know results in about 90 days.   Interesting….and a pain since I have a zillion auto pays….  

I just read your identity theft article, so thought I’d let you know.

Reply:

This is so common place now.  It was probably stolen one of two ways.  First, it could have been compromised in a number of security breaches that occurred last year. Second, it could have been compromised through a skimmer attached to where you would scan your credit card.  The main thing is that you are using a credit card and not a debit card.  It is better to let a thief compromise a credit line then to let a thief get into your bank account.  That is key.  The good news is that they will send your new card with the new security chip technology.  That is something that will help slow down the threat. 

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