I woke up this morning to be informed that 4 fraudulent transactions had taken place on my card on Christmas day before I even woke up. My card has been canceled: I will get another in under a week.
This is not the first time this has happened. The most recent time was less than a year ago. And while the credit card companies brag about how we do not have to pay for fraudulent transactions, nor for replacement cards, the impact on me is significant. I know that it will take months before I stop receiving notices about bounced charges. I already have a list of vendors to notify. This is becoming routine.
If the rate at which cards need to be canceled increases, we may get to the point where we have not recovered from the last cancellation before the next occurs.
Something needs to be done. The credit card companies need to increase their security. Krebs On Security has noted that patterns of fraud are not acted on quickly and effectively; the credit card companies do not seem to care. Why should they? The “losses” that are incurred due to fraud are covered by the fees we pay for each transaction. ATM scanners exist around the country, and using your credit card in a major chain store risks fraud and termination of your current credit card number.
All I get from the credit card company is apologies. We need more than that. We need effective action.