eBay Asks 145 Million Users to Change Passwords After Data Breach

alert-resized-600Online commerce giant, eBay, recently asked users to change their passwords after hackers stole encrypted passwords and other personal information, including names, e-mail addresses, physical addresses, phone numbers and dates of birth.

The data breach occurred between late February and early March 2014, according to a press statement posted on the company’s website.

The company stated that Cyberattackers compromised a small number of employee log-in credentials, allowing unauthorized access to eBay’s corporate network. The company is currently working with law enforcement and security experts to investigate the breach and has not noticed any fraudulent activity related to the incident. eBay discovered the breach in early May, meaning it went unnoticed for about a month. The company spent a few weeks investigating the incident before disclosing it to the public.

Here’s what you need to know:

  • The company is asking all of its 145 million active users to change their passwords as a “precautionary measure,” but is not sure how many accounts were compromised in the breach.
  • No financial information, including credit card numbers, were stolen.
  • Paypal information was also safe because it was encrypted and stored on a different network.
  • Users that use their eBay password elsewhere should immediately go change that password on other sites – especially their e-mail.

It is important that users heed eBay’s request to change their passwords because the hackers may eventually be able to break the encryption that secures them.

Don’t wait until it’s too late! Check out First Financial’s ID Theft Protection products – with our Fully Managed Identity Recovery services, you don’t need to worry. A professional Recovery Advocate will do the work on your behalf, based on a plan that you approve. Should you experience an Identity Theft incident, your Recovery Advocate will stick with you all along the way – and will be there for you until your good name is restored and you can try it FREE for 90 days!*

Our ID Theft Protection options may include some of the following services, based on the package you choose to enroll in: Lost Document Replacement, Credit Bureau Monitoring, Score Tracker, and Three-Generation Family Benefit. To learn more about our ID Theft Protection products, click here and enroll today!**

*Available for new enrollments only. After the free trial of 90 days, the member must contact the Credit Union to opt-out of ID Theft Protection or the monthly fee of $4.95 will automatically be deducted out of the base savings account or $8.95 will be deducted out of the First Protection Checking account (depending upon the coverage option selected), on a monthly basis or until the member opts out of the program. **Identity Theft insurance underwritten by subsidiaries or affiliates of Chartis Inc. The description herein is a summary and intended for informational purposes only and does not include all terms, conditions and exclusions of the policies described. Please refer to the actual policies for terms, conditions, and exclusions of coverage. Coverage may not be available in all jurisdictions.

Article source courtesy of Andrea Peterson of the Washington Post.

Learn How to Avoid Identity Theft at this FREE Seminar in June 2014

2282_identitytheftIdentity theft is the fasting growing crime in the United States and about 19 people per minute fall victim to identity theft.* First Financial encourages you to be cautious – especially when it comes to the Internet, and always be on the lookout for instances of online fraud. This free seminar will teach attendees about these important preventative measures.

Attending this seminar, you will learn:

  • The best way to safeguard your personal information
  • Common warning signs of identity theft
  • How you can defend yourself from identity theft
  • How to react if you suspect identity theft
  • Most common ways identity theft occurs

Join us on Tuesday, June 10th at 6:00pm for our free consumer seminar titled, How to Avoid Identity Theft, presented by the experts at First Financial. The seminar will be held at our Toms River branch located at 1360 Route 9 South, corner of Route 9 and 571. We invite you to bring a guest but space is limited, so make sure you sign up today!

*Click here to view fact source.

Recent Data Breaches Should Be a Wake-Up Call for Your Finances

identity_theftIn terms of the recent data breaches, the data thieves were likely motivated by money. With credit and debit card information for tens of millions of cards, they could buy items with the credit cards and drain cash out of people’s accounts with the debit cards prior to being found out.

While, as a consumer, you won’t ultimately be held responsible for false charges on your account from a breach, that doesn’t guarantee you’ll be free from any effort associated with the losses. While your card company probably had fraud monitoring capabilities that blocked much of the thieves’ charging, if your account did get wrongly charged, you still have to make sure it gets cleaned up.

When Credit Beats Debit

Cases like these — in which people’s card information gets stolen and used for nefarious purposes — illustrates one way that credit cards clearly beat debit cards. If you were shopping with a credit card during a data breach, all it would likely take is one phone call to your card company to get the charges reversed and the card replaced. In some cases, card issuers have been proactively replacing cards that were used during the breach window.

If, on the other hand, you were shopping with a debit card, it gets a bit more challenging. You must contact the financial institution that issued your debit card within two days of noticing the theft, to be covered by its maximum guarantee. If the money came out of your checking account, your financial institution generally has 10 days to investigate the theft before deciding whether it has to refund the money.

That’s 10 days after you report that your cash is missing from your account. That’s potentially 10 days of bounced checks, late payments, overdraft fees, returned check fees and all the other personal headaches associated with not having your money in your account.

Still, Be Responsible With Credit

While credit cards are safer than debit cards when it comes to the fairly rare event of fraud, they can still be financially dangerous tools in everyday use. If you are going to use credit cards, be smart with them. Pay off your balance in full every month to avoid interest charges. You might even want to act like the money is coming directly out of your checking account as if it were a debit card by deducting it from your checkbook with each transaction. That way, you’ll know how much you really have available to spend on everything else to reduce your risk of overspending.

As recent data breaches remind us, our digitally interconnected world can be a dangerous place for you and your money. While you can’t eliminate all financial risk from your life, you can mitigate the damage by staying vigilant and on top of your spending — no matter how you spend your money.

Don’t wait until it’s too late! Check out First Financial’s ID Theft Protection products – with our Fully Managed Identity Recovery services, you don’t need to worry. A professional Recovery Advocate will do the work on your behalf, based on a plan that you approve. Should you experience an Identity Theft incident, your Recovery Advocate will stick with you all along the way – and will be there for you until your good name is restored.

Our ID Theft Protection options may include some of the following services, based on the package you choose to enroll in: Lost Document Replacement, Credit Bureau Monitoring, Score Tracker, and Three-Generation Family Benefit. To learn more about our ID Theft Protection products, click here and enroll today!*

*Identity Theft insurance underwritten by subsidiaries or affiliates of Chartis Inc. The description herein is a summary and intended for informational purposes only and does not include all terms, conditions and exclusions of the policies described. Please refer to the actual policies for terms, conditions, and exclusions of coverage. Coverage may not be available in all jurisdictions.

Article Source: Chuck Saletta of The Daily Finance
http://www.dailyfinance.com/on/target-data-breach-wakeup-call-personal-finance/

How to Protect Your Credit Card From a Data Breach

hackedEven if you’re not one of the 40 million Target shoppers whose credit or debit card information was stolen Nov. 27 to Dec. 15, 2013, you’ve most definitely heard of the data breach by now. With the list of hacked companies, websites and apps growing longer, it’s time to take a serious look at credit card security and what you can do to stay safe online. Let’s run through the basics of credit card companies’ fraud prevention methods, and what you can do to protect yourself.

How credit cards work:

Your credit card has a lot of information that can be used to verify its authenticity: an expiration date, a three-digit security number and your name. There’s also a magnetic strip on the back of the card that contains all of that information and more. When you swipe your credit card, the information on the magnetic strip gets transmitted to a third party, who then verifies with your financial institution that all your information is correct, and approves the transaction.

There are other authentication methods, such as checking your signature or asking to see an ID, but not every merchant takes these steps. Additionally, if you’re making an online purchase, you might be required to input the three-digit number called the card verification value, or CVV, as well as the card number and expiration date. Merchants aren’t permitted to store the CVV in their databases in an effort to keep that information away from hackers. Therefore, merchants ask you to enter your CVV to prove that you actually have the physical card.

What about the rest of the world?

America lags behind the rest of the world in terms of credit card security techniques. We use magnetic strips to hold our data, whereas other countries use EMV chips. These chips use a different (some say better) method of encrypting data. While magnetic strips have the same encryption method, the method for EMV chips varies, making them harder to hack. This has produced dramatic results on point-of-sale transactions. For example, the United Kingdom rolled out EMV technology in the 2000s and saw fraud rates drop by 63 percent between 2004 and 2010, according to the Federal Reserve Bank of Atlanta. The United States is moving closer to widespread EMV adoption, but for now, we’re still using our old magnetic strip cards.

How can I keep my data safe?

Here are a few ways to protect your credit card data beyond the encryption methods offered by merchants:

  • Make sure you sign the back of your credit card – if you don’t, your fraud liability might be higher.
  • When making online purchases from your computer or phone, make sure the web address starts with “https://” instead of “http://.” The “s” means the site is secure.
  • Use a personal finance service like Mint.com to instantly see which transactions have been made on which card.
  • Shred credit card statements and anything that has your credit card number or personal information on it.
  • Be wary of making online purchases on a public Wi-Fi connection – they’re easy to hack. If you find yourself using public Wi-Fi often, consider getting a VPN, which is more secure.

But don’t worry too much.

While credit card fraud is a hassle to deal with, your liability is limited. By law, you’ll never be on the hook for more than $50 if your credit card is stolen and the thief racks up charges. You’re also not liable for any purchases made after you report the card lost or stolen. In the wake of the Target data breach, it’s reassuring to know that you have no liability if your card information, rather than the card itself, is stolen. Finally, many credit cards offer zero-liability policies that provide better protection than the law requires.

If you ever fall victim to a Target-like data breach, call your financial institution right away to report the incident. Don’t panic, though – federal law gives you quite a bit of protection!

After the recent credit card data breaches, this is the perfect opportunity to enroll in First Financial’s ID Theft Protection Services. Our ID Theft Protection services can easily be obtained, there are options for setting up a credit score tracker, as well as a virtual vault to store your important documents and passwords online, and should an ID Theft incident ever occur – you’ve got an advocate on your side assisting you every step of the way. Ask us how to get started today by calling 866.750.0100 or emailing info@firstffcu.com!*

Article by Anisha Sekar of US News. Click here to view the article source.

*Identity Theft Insurance underwritten by subsidiaries or affiliates of Chartis Inc. The description herein is a summary and intended for informal purposes only and does not include all terms, conditions and exclusions of the policies described. Please refer to the actual policies for terms, conditions, and exclusions of coverage. Coverage may not be available in all jurisdictions.

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Debit vs Credit Cards: Which is safer to swipe?

holiday-credit-or-debitWhile the tens of millions of Target shoppers who had their credit and debit card information stolen likely won’t be on the hook for any fraudulent transactions that may occur, debit card users could face much bigger headaches than credit card users.

That’s because debit and credit cards are treated differently by consumer protection laws. Under federal law, your personal liability for fraudulent charges on a credit card can’t exceed $50. But if a fraudster uses your debit card, you could be liable for $500 or more, depending on how quickly you report it.

“I know people love their debit cards. But man oh man, they are loaded with holes when it comes to fraud,” said John Ulzheimer, credit expert at CreditSesame.com, a credit management website.

Plus, if someone uses your credit card, the charge is often credited back to your account immediately after it’s reported, Ulzheimer said. Yet, if a crook uses your debit card, not only can they drain your bank account, but it can take up to two weeks for the financial institution to investigate the fraud and reimburse your account.

“In the meantime, you might have to pay your rent, your utilities and other bills,” said Beth Givens, director of the Privacy Rights Clearinghouse. The organization recommends that consumers stick to credit cards as much as possible.

Whichever card you decide to swipe, here are ways to protect yourself from scammers.

Be vigilant with your accounts: The Target hack is just the latest in a long history of data breaches, and it likely won’t be the last.

As a result, you should check your debit and credit account activity at least every few days and keep an eye out for any unfamiliar transactions. If you notice anything fishy, notify your financial instituion or credit card company immediately.

“Waiting until the end of the month to check out your credit card statement for fraudulent use is a relic of the past,” Ulzheimer said. “Fraud is a real-time crime, and we as consumers have to be constantly engaged.”

Set your own fraud controls: Financial institutions have their own internal fraud controls, but some transactions can slip through the cracks, said Al Pascual, senior analyst of security risk and fraud at Javelin Strategy & Research.

Many financial institutions will let you set alerts for account transactions. Even better, some allow you to block transactions that are out of the ordinary for you, such as for online purchases at a certain kind of retailer or for any purchases over $500.

“We believe that consumers are going to know best as to how to protect their account,” he said. “They know their own behaviors.

Did you know that First Financial has ID Theft Protection services? When you enroll in one of these services, one of the benefits you’ll receive is an automatic alert sent to you via email and text message, allowing you to confirm whether or not any recent activity is fraudulent. With Fully Managed Identity Recovery services from First Financial, you don’t need to worry. A professional Recovery Advocate will do the work on your behalf, based on a plan that you approve. Should you experience an Identity Theft incident, your Recovery Advocate will stick with you all along the way – and will be there for you until your good name is restored. Click here to learn more and get started today!

Watch out for fraud hotspots: You should be especially wary of using a debit card online and at retailers more vulnerable to fraud.

Gas stations and ATMs are hotspots for so-called “skimmers,” or machines that scammers install to capture your card information. Watch out for ATM parts that look unusual and always cover your hand when typing your PIN in case a camera is watching, said Shirley Inscoe, a senior analyst with the Aite Group.

Don’t let your guard down: If you think your information has been compromised, don’t assume everything’s fine after a few months. Stolen card information is often sold to a variety of groups on the black market who may hold onto it for months or even years.

“Many times these fraud rings will wait until the news dies down and people have forgotten about it before they use that data,” Inscoe said. “It may not be used until next winter, so it really is a good idea for people to monitor their activity.”

If you fall victim to ID Theft, don’t panic – First Financial is here to help! Report the incident regarding any of your First Financial accounts immediately, by calling us at 866.750.0100 or emailing info@firstffcu.com

*Article by Melanie Hicken of Yahoo Finance – click here to view the article source.

1 in 14 Fell Prey to Identity Theft in 2012

identity-theftThe government says 1 out of every 14 Americans age 16 or older was a target or a victim of identity theft, a crime imposing a heavy emotional toll on many of its victims in 2012.

According to a national household survey of 70,000 people issued by the Bureau of Justice Statistics, identity theft resulted in $24.7 billion in financial losses last year.

The crime affected 16.6 million people and fell most heavily on households with annual incomes of $75,000 or more. In that income bracket, 10 percent of such households were victimized. The survey counted both attempted and successful incidents of identity theft.

Two-thirds of identity theft victims experienced financial losses, which averaged $1,769.

For many victims, the size of the loss was eclipsed by concerns that someone had stolen their identity and that it might take weeks or months to repair the damage.

Among victims who spent six months or more resolving financial and credit problems stemming from identity theft, 47 percent experienced severe emotional distress, compared with 4 percent who spent a day or less resolving problems.

Victims experienced a wide range of issues having to do with credit, banking, debt collectors, even cutoffs in utility service. In general, victims whose personal information, such as a Social Security number, was misused were more likely to experience financial, legal or other difficulties, according to the bureau.

Ten percent of victims spent more than a month clearing up associated problems. A majority spent a day or less. Victims whose personal information was used to open a new account or for other fraudulent purposes spent an average of about 30 hours resolving problems. Victims of existing credit card account misuse spent an average of three hours resolving problems.

According to the report, 1 in 10 identity theft victims reported the incident to police, while 9 in 10 victims contacted a credit card company or financial institution to report misuse or attempted misuse of an account or personal information.

“What we’re seeing here is the exponential growth of information technology, and with that comes the ability to be hacked,” said Jim Bueermann, president of the Police Foundation, a research organization.

Bueermann said that “at one point in the past, people lived in places where they didn’t lock their doors.”

“Over time, they started to lock them,” he said. “We’ll come to the same place in our digital life, hopefully sooner.”

Less than 10 percent of victims bought identity theft protection or used an identity theft security program on their computer after being victimized, according to the survey. Of people interviewed in the survey, 85 percent took one or more preventative actions such as changing passwords on financial accounts or examining bank or credit statements.

Theft involving existing credit cards and bank accounts made up for the vast majority of the 16.6 million victims. Some 7.7 million victims reported the fraudulent use of a credit card, and 7.5 million reported the fraudulent use of a bank account such as a debit card, checking account or savings.

Don’t wait until it’s too late! Check out our ID Theft Protection products – with Fully Managed Identity Recovery services from First Financial, you don’t need to worry. A professional Recovery Advocate will do the work on your behalf, based on a plan that you approve. Should you experience an Identity Theft incident, your Recovery Advocate will stick with you all along the way – and will be there for you until your good name is restored.

Our ID Theft Protection options may include some of the following services, based on the package you choose to enroll in: Lost Document Replacement, Credit Bureau Monitoring, Score Tracker, and Three-Generation Family Benefit. To learn more about our new ID Theft Protection products, click here and enroll today!*

*Identity Theft insurance underwritten by subsidiaries or affiliates of Chartis Inc. The description herein is a summary and intended for informational purposes only and does not include all terms, conditions and exclusions of the policies described. Please refer to the actual policies for terms, conditions, and exclusions of coverage. Coverage may not be available in all jurisdictions.

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*Article by Pete Yost of ABC News. Click here to view the article source.