Thursday, March 09, 2006

PIN Wars

Yikes...MSNBC is reporting that any time you make a purchase using a "debit transaction" (combination of debit card and PIN), some of these retailers are inadvertently capturing that PIN data as part of their accounts receivables to reconcile payments. Thieves apparently got the mother-load when they lifted this data, along with the associated account numbers, which are in turn linked to bank checking accounts. Now they just go to any cash machine and make off with your money!

So word to the wise, when using the debit card for purchases - make sure it goes through as a "credit" purchase rather than "debit." You'll save additional fees from your bank and not put yourself at risk for some hefty donations from your checking account.


Blogger ZooooM said...

Well, I think I'm totally screwed. I almost exclusively use debit cards, and the debit instead of credit feature.

I am the poster child for what not to do.

9:25 PM  

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