Citi Mastercard Bites The Dust

I got a call this morning about fraudulent charges that began to appear this week on my Citi Mastercard, but there’s really no way to tell whether this is related to a recent massive hack of Citigroup computers.

Citi has insisted that the hack didn’t reveal enough information to allow the thieves to make fraudulent charges, but the timing here is at least a little suspect. Perhaps my card was compromised in some other way, cloned by an unscrupulous retailer or stolen in an insecure online transaction. Hard to know.

Of course Citi is doing the right thing — closing my account, removing the fraudulent charges (including one for $257 from Macy’s) and issuing a new card. It will be a bit of a hassle for me to modify some automatic debits but it’s not a big deal.

Still, I’m troubled by the way Citi handled the larger security breach, regardless of whether the fraud on my account was related to it. The Los Angeles Times reported this morning on how slow Citi was to realize or acknowledge the extent of the breach and The New York Times reported earlier this week on how easily the hack was committed.

The lesson for travelers is certainly more clear. If you rely on credit cards, ¬†you need to carry more than one. You don’t want to be left financially helpless far from home when something like this happens.

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One thought on “Citi Mastercard Bites The Dust

  1. sharon kinsey

    We just had our Citi account closed for the 4th time in 3 years – they are issuing a new card. Something is dreadfully wrong with Citi’s system that allows this constant hacking. We also have an American Express that we have used all over the world with no problems. The issue appears to be on line transactions. Have no clue what is going on but I will no longer use my MC for on line purchases.

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