Stealing Information for Credit Cards...Wirelessly?

With the improvement of technology comes the an onslaught of new criminals finding innovative ways to take advantage of consumers. In the case of credit cards, passports and other methods of identification, convenience comes at a price. The latest identification technology is found in Radio-frequency identification (RFID)-enabled credit cards. RFID chips transmit information through radio frequencies to data receivers. American Express' ExpressPay or Chase's Blink card use RFID technology to make purchases quicker and more convenient via a simple hover over a RFID receiver.

Unfortunately, the recent technology has presented a new opportunity for ID thieves. While certain companies claim that their chips are built with a strong encryption and send one-time temporary codes that do not match the card number, researches from University of Massachusetts say otherwise. After building a scanner, researches were easily able to "skim" the cardholder name, number and expiration in plain in English, with no problem. Originally, those who wished to steal credit card information could only do so, visually, after one took their card out of your wallet. Now in exchange for the convenience of the consumer, thieves can steal your information conveniently via scanner or suped up laptop. Not only credit cards are targeted but ePassports, IDs and security cards.

Fortunately, to counter the "skimmers", many wallet companies have come out with a line of nickel-impregnated RFID blocking wallets. Some brands like DataSafe charge $50 to $180. Others can go with the cheaper alternative and line their wallets with aluminum foil.

Shopping!

Tis the Season to shop and worse, create excuses to shop.  Reviewing your finances, creating a budget and following a shopping plan that falls within a budget is the best way to avoid Post Holiday Regrets.  We understand many people want to buy for others and sales make it seem ok.   But think ahead to after holiday season and the consequences of spending.  Don't max out your credit cards, it feels good now but horrible later.  Your credit needs you to be frugal too!

Good luck and don't over spend!

Black Friday

There are many sales that go on during the year, but perhaps Black Friday is the most popular day to shop for good deals.

It is at this moment we all look at prices and spend and charge because the deals are good...but it does not mean the person spending can afford to spend.

If you can afford to shop take advantage of the sales, if you can not afford to shop don't dig a deeper hole and be suckered into a good deal that is ultimately bad for you.

Don't run up your credit cards this black Friday, the first is around the corner which means we will all have bills to pay already for last month!