Experts: You Can't Afford to Ignore Target Security Breach

Sure you’re busy with all the ho-ho-hoing that goes with the final days before Christmas, but can you afford to ignore the security breach at Target?

No, no, no, experts advise.

If you shopped at the big-box store anytime between Nov. 27 and Sunday, yours may be among the estimated 40 million credit and debit cards affected by the data breach.

Here is some guidance on what to do if you think you’re affected:

Banks are monitoring all the stolen cards carefully, but the safest course of action is to cancel your credit and debit cards and get a new number – even though it may be a huge hassle to be without either during the holidays, but disputing unauthorized charges can be an even bigger pain, NBC News reports.

Even if your account information is stolen, it doesn’t mean you’re out the money. “It’s not like you’re going to eat the fraud; the bank is going to reverse the fraud right away,” Avivah Litan, a fraud analyst a the technology research company Gartner told NBC.

Cards compromised in such breaches go on a “gray list” and are given extra security.

“They’ve got pretty good fraud detection systems,” Litan said. “As a consumer, it’s just very inconvenient and awful.”

Find your statements or go online to see if there’s any unusual activity. If you used a debit card, check your bank account for unauthorized activity, advises Susan Tompor, a personal finance columnist for the Detroit Free Press.

And remember, fraud on your account may not show up right away, so check it at least once a month. Numbers can be resold through online forums and chatrooms, and it might not show up for months.

Check your credit report with one of the three credit reporting agencies and, for maximum protection, put a security freeze on it. That means no one can access it without your prior written authorization, and it may cause delays if you’re applying for a job or mortgage or applying for a credit card. A fraud alert is another good protection, but it can also lead to some delays in application processing.

Here are the numbers:

Equifax.com – (800) 526-6285

Experian.com – (888) 397-3742

Transunion.com – (800) 680-7289

Another good source is annualreport.com – 877-322-8228