- Bargaineering - http://www.bargaineering.com/articles -

Cancel Potentially Compromised Credit Cards

The latest public security breach at a retail store comes from Stop and Shops in Rhode Island [3] where “high-tech thieves” basically bugged the credit card swipes and stole a lot of data. Most places are now recommending you keep a diligent eye on your credit card statements for fraudulent charges if you shopped there, but I think that’s ridiculous. If you think someone has stolen your checkbook, you don’t wait until the first fradulent check hits your account before you do something about it – you cancel the checks. If someone stole your wallet, you don’t wait until they go on a shopping spree before you cancel your credit cards. So, why keep a diligent eye on your credit card statements if maybe your card was skimmed? It’s ridiculous, don’t be passive about it, be active – cancel your credit cards! Report them stolen, report them lost, just report them so the cards are deactivated and no one can use them. Don’t wait for fraud to come to you because these thieves will wait months or even years before they use the card, just to wait for the heat to cool off.

If you only have one credit card and you’d be lost without it, this should be a wakeup call that you should have at least two – so you have a card if one is every lost or stolen in the first place.