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Hackers (probably
Aggies) breached the computers
at
UT Austin last week and stole over
59,000 Social Security Numbers,
this after hackers stole 8,000,000
numbers a couple weeks ago!
[But here's why you can relax for a
change....sorta!]
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Thursday, February 27, 2003:
A
computer hacker made national headlines by stealing over 8 million credit card
numbers, but even if you're a victim, you can relax for a
change....sorta! Federal law states that your maximum liability exposure is
$50 per card if your card's stolen or lost or in other words, if it's your
fault. If you screwed up, you might be at some (minimal financial) risk. But
in this particular situation in which millions of innocent consumers were
picked off by a hacker, there's no liability unless you remain asleep
at the switch."
Q1: "What
do you mean by asleep at the switch?"
A2: "It
doesn't matter whether it's your credit card statement, telephone bill or a
bank statement: Usually we've got no more than 60 days to catch any
mistakes and get them corrected/credited back. If you don't catch it during
this window of opportunity, you will be responsible- and could lose a
lot more than $50! In fact, if you're victimized by some types of fraud and
don't catch it, you could be on the hook for the entire amount. You
snooze...you lose."
Q2: "So
we need to be sure to scrutinize our credit card statements especially since
one of the bad guys picked off 8 million account numbers and another 59,000+
Social Security Numbers last week..."
A2: "Yes...but
you're just as much at risk, if not more so, when it comes to your monthly
bank statements. If
you don't catch an innocent bank error within 60 days of
your statement date, you could still lose. And there have been cases in which
consumers have lost hundreds-even thousands of dollars-because they didn't get
off their lazy butts and check the bank's work!
And as far as stolen Social Security Numbers are
concerned: Identity Theft is of epidemic proportions in this country;
over 700,000 consumers were victimized last year and looks like we're on pace
to surpass those numbers in 2003 I'm afraid. That's why everyone's gotta
be as smart and defensive as possible. and you've gotta check all three
of your credit bureau reports at least once a year to make sure the bad guys
haven't hit you before you're even aware that they've drawn blood."
Q3: "But
the same goes for phone bills and..."
A3: "ESPECIALLY
phone bills! With all of the phone-related scams floating around out there,
from slamming-and-cramming to 900-number dial-a-porn calls to some of the
ridiculous charges-I'm talking $2,000 or more-coming outta some of these
banana republic countries. If you don't take time to scrutinize your bills or
balances, then just go ahead and send me half of all of your money, since you
obviously want to just give it all away, anyway!!!"
Q4:
"So where do people find out about getting their credit reports?"
Q5:
"Oh yeah...one of your recent newspaper columns discussed the importance
or owning a paper shredder! Gotta second to elaborate?"
A5:
"What can I say? If you don't own one, you're asking for trouble.
The prices have gotten so cheap and they're always offering rebates at places
like Staples or Office Max or Depot or Sam's or Costco. And if you're
gonna buy one, spend the dough on a cross-cutting model. Think instant
graffitti-maker...and the better ones now have slots for shredding credit
cards!" Read
more about it/read the recent column right here...
By the way: Have
you signed up for
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of Dover yet? It's a free
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