Saturday, June 18, 2005

$40,000,000 or 40,000,000 Credit Cards? I'd Take the Credit Cards!

In the old days, it was simple. You looked money over carefully to make sure it wasn't counterfeit BEFORE you accepted it. You safeguarded it in your purse or wallet, or tucked it under your mattress. You watched it like a hawk, where ever you put it. Money was a tangible thing. You could see it, feel it, smell it if you wanted to. No more.

Today, money is represented by electronic notations in a computer somewhere. Hackers, who could be staring at the dim glow of a computer screen anywhere in the world, can luck out and steal your credit card number. You might not lose any money, but you sure could be put through an emotional wringer until the charges against your card are forgiven.

The enormity of this week's compromise of 40,000,000 credit card numbers is hard to fathom.

"There's no excuse for this," said Avivah Litan, a Gartner Inc. expert on the security of financial data. "This takes the cake."

It didn't take long for the politicians to begin weighing in, too, hoping to curry favor with worried cardholders.

"Hardly a week goes by without startling new examples of breaches of sensitive personal data reminding us how important it is to pass a comprehensive identity-theft prevention bill in Congress quickly," said Sen. Charles E. Schumer (D-N.Y.), who has sponsored a consumer data protection law.

As for me, I'm listening to the advice of the experts and will watch my statement very carefully for fraudulent charges. Even if money isn't always tangible today, those electronic notations that represent money are just as spendable as the green paper and shiny coins of yesteryear!

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14 Comments:

At 7:07 AM, Blogger Megan Martin said...

I would take the credit cards too. It is a lot harder for me to spend money if it's on a credit card than it is if I have it in cash. I'll take my chances with the identity theives.

 
At 11:25 AM, Blogger kyndra said...

I would also take the credit cards. They are so convenient and are protected when they are lost or stolen.

 
At 6:40 PM, Blogger Mitul said...

Both sounds good but I would also have to go with the credit card,and like Kyndra says they are protected and are very convenient

 
At 7:42 PM, Blogger Catherine N said...

I would probaly also take the credit chards because you can see what you spent all your money on. You can also make sure that no one else is using your money, but you still need to watch over your credit cards by checking statements and leave your card lying around for everyone to see. You also need to look at your receipts when you pay with your creidt card to make sure that your account number is not on them any where.

 
At 8:43 PM, Blogger biomechanique said...

I feel that it's all going to plastic these days. At least with paper you know what you have. It's so much more difficult to keep track with billions of little receipts in your pockets. it's not just the credit cards either, the atm purchasing function has made it so much easier to forget that you spent cash in your bank account than when its tucked up in a safety deposit box or a shoebox or whatever.

 
At 7:27 AM, Blogger Christina said...

I would have to say that I would have to take the money over the credit card because if you take the card whatever money you spend on it you have to pay interest on the charges. If you are willing to pay the finance charges that are out of this world then I guess that plastic is for you, but I prefer cash only because if I do not have the cash to spend then I will not need the item that I want to purchase, which would cut down on buying things that are not needs but merely wants.

 
At 8:08 PM, Blogger Maria S said...

Credit Cards? It seems to me that now more than ever before, there is so much credit card fraud. I've personally have experienced unathorized use of my credit card, and or have been the victim of negligence by those responsible of safeqarding my personal information.

 
At 10:23 AM, Blogger CivilTreeHugger said...

My VISA was one of the card numbers that was reported as stolen. My bank immediately disabled the card number and waited for me personally to reactivate a new one. The only hardship is that I'll have to wait a week to be able to use my debit card. Otherwise, I think my bank handled everything well. Although it was embarassing to have my card declined for no apparent reason!

I prefer credit cards over cash because the purchases are protected from a variety of fraud cases. However, since I never see moola leaving my hand, I tend to spend too much. Just pay before your grace period is up and you don't have to pay interest :) And choose the lowest interest card you can find... I have another VISA that is interest-free while I'm in school.

 
At 12:04 AM, Blogger Y Nicholson said...

I myself was the victim of credit card fraud. One day I went to apply for credit and was denied because there was a card under my name that had been maxed out and never paid. I immediatly contacted the bank, they told me to send a letter with my signature, when they recieved it they knew immediatly somebody had falsified my information. Luckily they cleared my credit and everything was all right except all the headaches that this problem had caused. Even though this happened to me I still prefer to walk around with a credit card. Having cash on me makes me feel uneasy, because if somebody steals from me I will have to do without. With a credit card if it gets lost or stolen you immediatly report it and are not liable for what the thief charges in it. All that people have to do is pay it before the billing cycle is over and no interest will be accrued. Just use it for the same amount of cash you would use in a month and you will not get in great debt.

 
At 2:30 PM, Blogger Daniel said...

Let me have the credit cards. Money is too easy to spend.

 
At 10:26 PM, Blogger AQUIETUSx said...

I would also take 40 million credit cards if i knew that my name wasn't on them. The idea of getting something and not paying for it excites me, not that I steal or anything. The whole technology thing these days where everything is electrical is cool to me, Long live technology and free money!!!!!!!!!!!!!!

 
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At 8:11 AM, Blogger heropoo said...

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