On a study conducted by Javelin Strategy and research, it was shown one-quarter of the people whose credit card data was stolen ended up being victims of identity theft.
In 2012, 16 million people were told their credit card information had been compromised through some form of security breach.
This study comes on the heels of news that Target department stores had suffered a security breach in which as many as 40 million card accounts were stolen.
When thieves go after credit card data, they are also looking for personally identifiable information (PII), such as Social Security numbers, bank accounts and other forms of identification.
As a result, the victims often find themselves with not only fraudulent credit card charges but with their complete identities taken.
“The worst part of this crime is
the victims have done nothing.”
Data security breaches at companies are a growing problem, and consumers are the ones paying the price. It is sometimes months before the breach is identified and the customers are notified.
By that time, the damage is usually done.
For this reason, it is recommended you check your credit report frequently and consider a fraud alert service.
Staying on top of your credit report and financial identity is crucial in avoiding serious financial damage.
Source: midsizeinsider.com. Photo source: www.bonwyke.co.uk
BadCredit.org is a free online resource that offers valuable content and comparison services to users. To keep this resource 100% free for users, we receive advertising compensation from the financial products listed on this page. Along with key review factors, this compensation may impact how and where products appear on the page (including, for example, the order in which they appear). BadCredit.org does not include listings for all financial products.
Our Editorial Review Policy
Our site is committed to publishing independent, accurate content guided by strict editorial guidelines. Before articles and reviews are published on our site, they undergo a thorough review process performed by a team of independent editors and subject-matter experts to ensure the content’s accuracy, timeliness, and impartiality. Our editorial team is separate and independent of our site’s advertisers, and the opinions they express on our site are their own. To read more about our team members and their editorial backgrounds, please visit our site’s About page.