A recent credit card theft in Clinton, Connecticut proves our money may not be as safe as we think. Hundreds of dollars have been stolen due to credit card cloning, which exploits the 40-year-old magnetic stripe on the back of cards. This leaves both credit and debit cards vulnerable.
Two men were caught on a security camera at a convenience store in Clinton making hundreds of dollars’ worth of fraudulent purchases. The card they cloned belonged to a man in the Hartford area.
“The technology is the problem,” resident Robert King was quoted as saying in an NBC article. “I think they’ve got to find a way to make it more fool-proof.”
And King is right. Experts believe that the process of cloning a magnetic stripe card is relatively easy for a tech-savvy person with the right computer and card reader. It could be harder to accomplish with the newly introduced chip-and-PIN cards.
As always, experts are recommending consumers keep tabs on their credit card statements and never let credit or debit cards off their person. Cash is still the safest way of protecting against this kind of scam, which can be frustrating in an increasingly card based world.