Archive

    for January, 2015

    Chipped Credit Cards coming soon, and expected fraud increase

    Posted on January 19, 2015 in hntbh - 0 comments - 0

    Credit cards with CHIPS!!!

    The future is here in the U.S. all credit cards will soon have a bit of encryption magic to help prevent in-person credit card fraud & theft. You’ll have this little graphic somewhere on your card (if it is ready). The good news is this will help lower fraud, but as accurately shared by Brian Krebs (basically the online reporter/expert in this space):

    In every country that has switched to EMV cards — and the United States is the last developed country to do so — online fraud has jumped, says online fraud expert Brian Krebs. “Fraud doesn’t go away, it just goes somewhere else, and that somewhere else is always online,” he says. “The thieves can still steal the card number and expiration date, which still can be used online. So that’s generally what will happen. We’ll see a pretty big uptick in card-not-present fraud.” – CreditCard.com & Brian Krebs from his new book SPAM Nation

     

    So, the tips for managing your online security are even more elevated in this new time. As cards become updated, practice your good tips and carry on.

    James

    Our community: https://www.facebook.com/HNTBH

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    Myth: Checking your credit score will harm you!

    Posted on January 2, 2015 in Uncategorized - 0 comments - 0

    A bit of advice I give in the Sony Breach survival (zombie!!) guide; on this site, and in the new book for Everyone is to Check and know your credit score. This is not just for the number, which is nice to track and manage, but to know what accounts are associated with your name and where inquiries occurred.

    You will not be harmed if YOU check your score and pull a credit report, but if you constantly have retailers/businesses pull your credit you will be harmed in the end.  A nice article in December highlighted described it in this manner:

    Myth No. 4: You’re penalized when you check your credit score. This mistake is easy to make because many people don’t understand the difference between a hard inquiry about your credit report and a soft inquiry.

    When you check your credit score and credit report with one of the three major credit bureaus, that’s a soft inquiry and doesn’t affect your score. However, whenever an outside party checks your credit score — typically when you apply for a new line of credit — that’s a hard inquiry. In this case, you do receive a small nick to your credit score because you have the temporary appearance of not being able to meet your financial obligations.

    Visit Huffington Post here to see the full article and all the myths about credit scores and best practices for having a high credit score.

    Stay vigilant,

    James

    @hntbh

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