Durbin and Your Credit Card

Think of things you think thieves that break into cars commonly look for; a stereo system, iPods, phones, the list goes on. However, an item many people don’t realize that is a glowing object for the thief is your credit/debit card. In the eyes of a car thief, stealing somebody’s purse of wallet with a card inside is the prime thing to steal, it gives him or her a wide range of things to purchase in stores quickly and easily.

When the thief steals your card, there is only a short window for them to work out of before you discover and repot it, so they work quickly. By purchasing numerous goods with your card the thief will rack up to $5,000, by the time your child’s soccer game, or other activity, these thieves target, is over.

Congressional passage of the Durbin Amendment last year took away much of the card companies fraud prevention funds. Instead of undermining fraud prevention funds government and the public, need to be more aware of how card fraud happens and work harder at prevention.

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