What If Your Credit Card Details Are Comprised Online?

Despite all the promises about the security of making online payments, millions of people were shocked to find that their credit card details may have been compromised recently when Sony’s PlayStation Network and Qriocity music service were hacked.

It has been suggested that more than 2.2 million credit cards have been put at risk and although the exact number is hard to determine, what’s clear is that the hacking incident has sent shock waves across the world.

Once your details have been hacked, they are in the hands of people who’ll want to make use of them and that’s when the trouble starts.

Many people who take the trouble to scrutinize their bill on a regular basis would be puzzled to spot a transaction they don’t recognize. Perhaps it’s to a company they’ve never done business with, or took place in a location they haven’t visited.

If you’re eagle-eyed enough to discover an entry on your bill that doesn’t quite fit it, it’s probably not for a very significant amount, maybe as little as $30 dollars.

This is because if a fraudster has somehow obtained your details and is using them to make purchases online, they won’t make huge transactions. You would, of course, be much more likely to pick up on these quickly and put a stop to their lucrative little game.

Of course there’s also the possibility that you might simply lose your card or have it stolen. Whilst further details such as your address are needed to use the card for online purchases, it can easily be used at self serve payment outlets, such as those at petrol stations or kiosks.

In Europe, fraudulent use of lost or stolen cards has been made more difficult because they are now supplied with a microchip embedded in them and a four digit PIN is required to be entered at the merchant’s electronic terminal in order to authorize the payment.

If you’re worried you might be a victim of a mass hacking incident like the recent one affecting Sony customers, if you just spot something suspicious on your monthly bill, or if your card is lost or stolen, you’ll want to know what steps to take to protect yourself.

The first piece of advice is that you shouldn’t panic. Get straight on the phone to the bank or other organization which has issued the credit card to you. There should be a dedicated card services department set up to deal with inquiries just like this amongst others.

The good news is that when your card has been stolen, the law puts a cap on your liability, no matter what the amount is that has been fraudulently spent.

In many cases, the card provider will waive this payment as a gesture of goodwill, as well as refunding the unauthorized charges. You may be required to sign an affidavit to confirm that the charges were fraudulent.

If it’s your details rather than your actual credit card which have been stolen or hacked, as in the recent Sony incident, you are not liable to pay any of the charges. The bank will investigate the suspicious transaction and determine whether a fraudulent purchase has been made.

Meanwhile there’s no reason you should cancel your card. You should keep a close eye on the statements you receive. If you notice any further transactions which don’t seem right to you, get straight back on to the bank.

Credit card fraud costs billions of pounds every year and it’s in the interests of providers to invest in the best security systems they can.

These systems are constantly updated to deal with the ways in which hackers work and the latest technological advances.