Not if but when: Data Theft

A warning: your debit or credit card will probably be compromised if that hasn’t already happened. The odds are against you. According to the Aite Group and ACI Worldwide, 47 percent of U.S. consumers have suffered credit card fraud over the past five years.1 And the number is sure to increase.

Cyber criminals are exploring a wide variety of methods to access your account: directly through purchases with the card in person or online and indirectly by breaching the networks of businesses that have your card information.

Skimming, phishing, and spyware

Skimming is one of the most common direct methods of obtaining your card information. A waitperson or clerk steals your number while you’re paying with your card at a restaurant or store. It can happen at a gas station or ATM where a criminal has attached a “skimmer” device.

You could be the victim of a phishing campaign in which a cyber criminal obtains your card number or social security number by tricking you into believing you’re dealing with a legitimate business. It can happen through email, texting, the telephone, or post office mail.

Spyware is another method where software is installed on your computer without your knowledge. The software is designed to collect personal information, including card numbers.

Some of those methods and others have also been used to breach businesses that have stored your card information. And those businesses, including major retailers, have not had much luck in locking out criminals. FireEye, a leading cybersecurity company, estimates that 97%2 of all businesses will be breached.

So what can be done to protect your account?

For attacks against businesses, there is little you can do since you have no control over their cyber defense. One solution is to just use cash at businesses, keeping your card in your wallet or in a drawer at home. But for many consumers, that’s not a desirable solution.

Even so, being cautious about using your card can help reduce the risk of it being compromised. In addition, since the odds are against you in terms of your card being eventually compromised, having a way to quickly identify and remediate an attack or compromise can help minimize the resulting damage.

Consider card control from Ondot

Our Mobile Card Services is designed to help you control your card activity and respond quickly when a compromise occurs. The Ondot card control and alerts application is available through financial institutions and can be pushed to your smartphone to use whenever and wherever you want in locations that have data access.

Switch on and off
A debit or credit card with Ondot card control and alerts application allows you to decide when, where and how your card is used. You can switch it on and off from your smartphone with a single touch. It can be switched on for one purchase and then switched off after the purchase to reduce the chance of a compromise.

Control by use
You don’t like to shop online or use ATMs that often? You can turn off those types of transactions and then turn them back on in an instant when needed.

Control by location
You’re travelling? The card can be set to work in your current location using your phone’s GPS or set in advance to where you’re going. Running errands around town? Set the card to allow transactions within your community.

Control by merchant categories
Turn on the card for everyday purchases, for example, at grocery stores. Turn it off for the occasional transaction until required, including entertainment and travel.

See your activity in real time
Even with card control, a compromise is possible. Our Mobile Card Services application will alert you of all transactions, those that went through and those that were blocked, right on your smartphone's notifications screen.

If you see a suspicious transaction, you can instantly flag it and initiate a dispute from your phone. If the card is stolen or lost, you can switch it off and start the process to get a replacement.

Don’t compromise your defense

Contact your bank or credit union representative today and ask about the app that puts you in control.