For years I've relied on a credit card. My parents got me one when I was 15-years old as a way to put gas in my new car and pay for emergency situations. But as I started making money and going out more, I decided that it was time to start building my credit. At first I thought I would still only use it sparingly, but convenience is a tempting thing. Before long, a credit card became my primary means of spending money. Then I decided another thing--that debt was terrible. Keeping up with your charges and not having to pay them until the end of each month was sort of a pain. So then I moved to debit cards…instant bank account activity and an easier way to keep track of spending. Between those two pieces of plastic, I figured I would rarely have to use cash again.
I don't believe that I'm a special case. Everywhere I go, it seems people of all ages seem to be using cards more than cash. Even younger kids these days seem to have gotten an early start at building their credit. As a former store cashier, I can say for sure that debit and credit transactions largely outnumbered cash ones. And I was okay with this until this past Friday.
On Friday I received a call from an unknown number--one that I normally wouldn't even think about picking up. But something told me to answer and I'm glad I did. The female voice on the other end assured me that this was not a solicitation call, then proceeded to ask me for my name. Suspicious, but interested, I proceeded to answer her question and then asked what the call was about.
"We've noticed some suspicious activity on your debit card ending in [xxxx], sir. Did you make a purchase at Pollo Tropical in Pompano Beach this afternoon for $40?"
My stomach dropped. I told her that I had not, realizing that my debit card had been stolen. And my bank account had been losing money by the minute that day.
The helpful woman on the phone informed me that she would put a hold on it and that it would no longer be able to be used. However, I was then directed to call my bank directly for a new one. So I did, and while I was on the line I asked a few more questions. It turns out that whoever had my card had spent over $100 that day at various fast food locations and a Wal-Greens.
My first thought (aside from gratitude toward both Visa and Fairwinds for catching such an error and doing everything that they could to keep me from being ripped off) was frustration. How could I be so careless? How could I just lose what was essentially free money to anyone who picked it up? I was an idiot and it made me mad.
But then, as I continued to verify my account information and request a fraud affidavit to fill out, I noticed something odd--my debit card was on the dresser next to me. It hadn't gone anywhere. It had been in my house the whole day. So who could have been using it?
That's when I realized that there is a drawback to the convenience of these cards--they transcend physicality. You can't use cash electronically, you have to have it on your person. But in this day and age where technology can do anything, you don't have to have a card in your hand to replicate its information. Someone got a hold of something personal to me (a PIN, card number, something) and used it without even leaving a trace of the card having been stolen.
I have no idea how this happens. I've heard that people can go to gas pumps and get the information of the card that had been previously swiped there. Of course, there's also the possibility of someone outright taking your cards and using them as they want at any place that doesn't require photo ID to make a credit or debit transaction. That's a scary thought.
And then I started thinking about all the times I've played fast and loose with this confidential information. I once ordered from a Pizza Hut in Gainesville with a credit card--the delivery guy asked for my card to verify it and then took it for a good 15 to 20 seconds to look at all of the information--what's to stop him from memorizing it and taking off? The last transaction I made before the fraudulent purchases had started was at Doorstep Delivery, where they require you to type in all of your card's information to the website (of which you have no clue who runs it, looks at it, or can access it). I'm not saying that Doorstep Delivery is responsible for this happening or isn't secure…but I'm never doing any business with them again just to be safe. And the same goes for Pizza Hut for that matter. Any company that doesn't respect the sanctity of the information on a credit or debit card isn't worth patronizing considering the risk you run of getting it stolen.
From now on, I'm sticking to cash and cash only. In the rare case that I will use a credit card (which will probably be solely in emergency situations only), I don't think I'll enter that information anywhere online. For the record, I'm not saying that companies that require you to input your online information or who want to verify your card are terrible places that steal money (they're only doing their job and trying to make things convenient which I totally get). But considering the fact that criminals have gotten smarter and more tech-savvy, I'm just not taking the chance and I would advise you to do the same.
Cash is a little more of a pain -- change sucks, and it runs out quicker than cards do, but at least you can keep track of it. Nobody can pick up a dollar bill I've dropped and then proceed to empty out my entire account. Nobody can trace any of my personal information via a dollar. College students live on their own in a world that's been around the block a few times -- we are prime suspects for people who rip people off for a living. Don't let what happened to me last week happen to you. There's a simple solution, and the reward is too big to blow off in favor of the simplicity of a piece of plastic.