March 2, 2012

Forget the tinfoil hats, cover your credit card instead

Forget the tinfoil hats — cover your credit card with tinfoil!

Technology is making our shopping and banking lives so much easier, but it is also making it easier for criminals. Honduras may have been behind the curve on financial fraud but it's starting to catch up. Several visitors to Honduras and expatriates living here have recently reported ATM, credit card, and debit card fraud with thousands of dollars of unauthorized charges showing up from places they didn't visit and even as far away as Mexico or South America.

While US banks and credit card companies generally protect their customers against fraud, the same can't be said of Honduran banks and ATM owners. Some banks sell insurance against theft or fraud, but often that isn't even offered to customers unaware of the risk. Expatriate customers are likely to think that the same protections apply here and not even ask about it. It's frightening to think that any time a waiter or gas station attendant takes your credit or debit card out of sight, they could be cloning it.

The video above should be of interest to everyone everywhere!

Hat tip to Thelma for sending this video to me.
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