Yesterday, I Cut Up My MasterCard

According to Wikipedia, "Credit card fraud is a wide-ranging term for theft and fraud committed using a credit card or any similar payment mechanism as a fraudulent source of funds in a transaction. The purpose may be to obtain goods without paying, or to obtain unauthorized funds from an account. Credit card fraud is also an adjunct to identity theft."

Time and time again, we read in the media how billions of dollars are lost each year to credit card and debit card scams. Experts lecture us on why it is so important to protect not only your identity but also your credit security... and do we listen? Well many do but not all.

It is almost like the times we read in our newspapers how a house burnt down without smoke detectors and then, the home owner places detectors in the house after it is fixed up. It is also like a smoker who quits smoking after they are diagnosed with lung cancer. I recall my father often saying that "there is no point in closing the barn doors after the horses have all escaped."

...Anyways, back to the topic at hand.

Well, I am that type of person who does not listen to the experts. I have never been really careful in protecting my financial security. I haven't been keeping a close eye on my credit card and bank statements nor have I been that careful in making sure my smoke detectors' batteries are replaced twice a year. I do not smoke, however so I guess that one out of three isn't bad though it certainly isn't good!

Now, fortunately, my house hasn't burnt to the ground yet and so I can get a jump on replacing my batteries but I came pretty close to major financial problems since I used my MasterCard at a local restaurant where their credit and debit keypads were rigged to skim customer information. Now according to the news reports, some customers have lost hundreds and thousands of dollars because of this. Fortunately their financial institutions will replace their loss. Now, I was fortunate that the local news reported this issue because had they not, I would never have realized that there had been a breach and if I was ripped off, I might not have noticed since I didn't used to properly protect myself... Now I do! I contacted my credit card company and they immediately cancelled my current card and asked me to immediately cut it up. I did.

So... If you do not take the necessary precautions, take them now. If you do not regularly check your smoke detector batteries, do so now. If you smoke... I trust that you will do what it takes to live a long and happy life!