PayPal President Victim of Credit Card Skimming
PayPal President David Marcus recently tweeted that his credit card information was stolen during a trip to the U.K. The card was supposedly “skimmed” at the hotel where he was staying, and then used to make an array of purchases in a short period of time.
Skimming is a process in which a special device is illegally placed in a card processing machine to collect card information, such as card numbers and PINs. This process is not supposed to be effective against EMV chipped cards used in Europe, but Marcus says his card had a chip.
After the thieves stole Marcus’s card information, he tweeted that they “cloned it and went on a shopping spree.” There were many fraudulent transactions on Marcus’s account, which he quickly reported to his credit card provider.
What’s the big picture here? The fact that no one is alone in the fight against credit card theft. If the president of a large financial processor like PayPal can have his credit card information stolen, you can, too. The key is to detect theft early and react to it immediately.
I went through a similar ordeal in October of last year, which sparked this article: What to Do If Your Credit Card Gets Stolen. Before you lose a lot of time and money, learn how to protect yourself before and after credit card theft. You may not be able to avoid it entirely, but you can take measures to minimize the damage.