After the Data Breach at Visa and MasterCard, Do This

After the Data Breach at Visa and MasterCard, Do This

Here's another helpful post from our friends at Business Insider:

It sure sounds scary.

KrebsOnSecurity reported that ten million Visa and MasterCard credit cards may have been compromised in a data breach, and law enforcement is investigating.

Plus, according to the latest update from KrebsOnSecurity, who first reported the story, Dominican street gangs might be involved!

But as bad as it appears, few accounts have been affected so far. Of 56,455 member Visa and MasterCard accounts registered with credit unions, just 876 showed fraudulent activity, an online financial services provider told Krebs.

If you're will worried, though, there are a few simple steps you can take to rest easy, according to Marketwatch's Jennifer Waters.

1. Get a Copy of Your Credit Report

You'll be able to see if any new cards have been issued in your name.

2. Contact Your Bank

If you do notice any suspicious activity, contact your bank immediately. The longer you wait, the more difficult it could be to protest charges.

3. Watch Your Account

Keep close tabs on your account for the next month. That's how long it took for this announcement to come out, so it will likely take just as long for the credit issuers to fully resolve the situation.

4. Place a Fraud Alert

If you're truly paranoid, you can place a fraud alert or credit freeze on your cards.

You can also click here to read a first-hand account of how to deal with identity theft.

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