Despite the recent move to credit and debit cards with embedded chips, banking industry experts are still predicting a rise in identity theft and online fraud. Purchases made online or over the phone are called “card not present” transactions, and of course, they bypass any additional security a chip might bring. Chips make it harder for criminals to steal or duplicate your card, but they don’t do anything to stop them from using the card online, and more criminals are doing just that – stealing credit card numbers and using them online to make purchases.
Aside from never shopping online at all, or only using your cards at the most trusted of vendors, one of the best ways of protecting yourself is to purchase identity theft coverage. In fact, several of our homeowners companies are now including a limited amount of identity theft coverage in their policy, while others are making it an optional coverage you can buy.
One last thing to think about, online merchants are going to be increasingly sending additional information to verify your credit card purchase is valid. That means they may be sending your billing address, mailing address, email, phone number, etc. to the bank to verify your transaction online with your card number, expiration date and security code. That not only puts you at risk of additional information potentially being stolen, it also means you need to make sure your profile at your bank is accurate and secure at all times.
About Trimble Insurance
Trimble Insurance is a family owned business spanning four generations. Serving the personal and commercial insurance needs of Delaware County and all of Central Ohio, Trimble Insurance is a leading independent agency. In addition to homeowners and auto insurance, Trimble insures businesses of all types and specializes in contractors, energy, bonds, manufacturing, auto related, distributors, farms and agribusiness, and other industries. www.trimbleins.com