Home Depot’s Free Identity Protection Offer

[RonBoyd]

Home Depot's Free Identity Protection Offer (NYSE: HD) - 24/7 Wall St.

From Home Depot Press Release:

If you need identity repair assistance during the next 12 months, starting on September 8, 2014, the team at AllClear ID is ready and standing by to assist you. There is no action required on your part at this time. If a problem arises, simply call … and a dedicated investigator will do the work to recover financial losses, restore your credit, and make sure your identity is returned to its proper condition.

From the above article:

With the odds of identity fraud rising by nearly 10 times if personal data is breached, it is disingenuous of Home Depot to suggest that its customers should take no action unless they become victims of fraud. Sure the company doesn’t want to pay for 56 million annual subscriptions to an identity protection program, but it could have emphasized the threat to its customers.

 

[tryan]

I signed up last week ... easy .... but you need to give your SSN .

I have only used the HD card in the store. Not sure where the hackers will go with that one (unless they plan to rehab their offices ... lol).

 

[Rickt]

I got an e mail from Home Depot as well and wasn't sure if I should sign up

 

[sengsational]

Most ID theft services just do a job of monitoring. So you simply find out there is a problem AFTER someone has done a bad deed.

Why not freeze your credit?

Credit Freeze and Thaw Guide | www.clarkhoward.com

 

[tryan]

Why not freeze your credit?

I like to be able to shop my insurance around (car, house, 1/2 dozen liability and fire policies). A credit freeze/thaw looks like death by a thousand cuts.

 

[Live And Learn]

I'm still covered by the free protection offered by Target during that "episode"

 

[wolf]

Thinking about canceling my Visa Card and applying for a new one.

Strange, Media, says millions of HD customers card numbers stolen but do not recommend getting a new "CC" with a new "number".

Just monitoring your card does no good, if I were a CC thief, I would just
wait a few months or years, and just use the "stolen" CC numbers.

any suggestions?

 

[ChrisC]

I'm still covered by the free protection offered by Target during that "episode"

Yep, I'm still covered by the same protection as well. So, when the Target breach occurred, Chase closed out my Marriott Rewards Visa Signature card, which was compromised at Target, and sent me a new credit card. Then when the breach occurred at Home Depot, Chase now tells me it will send me another United Explorer Visa Credit Card, which was also compromised at the Home Depot breach.

This is a real pain in the butt when you have payments linked to the cards and you have to notify the linked merchants/vendors that you have new credit card accounts.

 

[BBQ-Nut]

I did shop at Home Depot in July and decided just to cancel my Visa. Went to the credit union next to the grocery store I frequent - walked in and out with the old card cancelled on the spot and an active new card in my wallet in 10 minutes.

The bad guys can't use the number, and I don't have to check my cc activity everyday, worry about filing disputed charges, and sleep better at night.

 

[sengsational]

I like to be able to shop my insurance around (car, house, 1/2 dozen liability and fire policies). A credit freeze/thaw looks like death by a thousand cuts.

It's free in NC to thaw. Since I have all of the codes in LastPass, it's a 10 minute job to request a temporary thaw on all three agencies for a couple of weeks. They automatically re-freeze after the specified duration.

 

[FANOFJESUS]

It's free in NC to thaw. Since I have all of the codes in LastPass, it's a 10 minute job to request a temporary thaw on all three agencies for a couple of weeks. They automatically re-freeze after the specified duration.

In MO is would be $15 to thaw every time a person wanted to do something. I don't like that but other wise they are good.

 

[gauss]

In many states it is $10/bureau to thaw.
Still, I have freezes in effect at all 3 credit bureaus.

When applying for a new account, I usually have to wait until I am declined until I can speak to someone who will tell me which credit bureau is being used that I need to thaw.

-gauss

 

[FANOFJESUS]

In many states it is $10/bureau to thaw.
Still, I have freezes in effect at all 3 credit bureaus.

When applying for a new account, I usually have to wait until I am declined until I can speak to someone who will tell me which credit bureau is being used that I need to thaw.

-gauss

That is good to know. To bad they would not tell you ahead of time.

 

[pb4uski]

I did sign up for the offer.

I monitor my CC activity pretty closely (import to Quicken every other day or so) and would spot a fraudulent charge fairly promptly. Even then, it would be the CC issuer's problem and not mine other than the hassle of getting a new number and changing my few auto-pays that go to that CC, so I'm not too worried about it. What am I missing?

 

[RonBoyd]

Home Depot data breach triggers fraudulent transactions: WSJ | Reuters

(The WSJ Article is behind a pay wall, however.)

Data breach at home improvement retailer Home Depot Inc has led to fraudulent transactions across the United States, draining cash from customer bank accounts, the Wall Street Journal said.

 

[RonBoyd]

I monitor my CC activity pretty closely (import to Quicken every other day or so) and would spot a fraudulent charge fairly promptly. Even then, it would be the CC issuer's problem and not mine other than the hassle of getting a new number and changing my few auto-pays that go to that CC, so I'm not too worried about it. What am I missing?

I have the same question. I use Personal Capital (https://www.personalcapital.com/) to monitor all of our accounts. I get a report, at least, daily on all activity within them.

 

[explanade]

There is a sorry about HD upper management ignoring warnings about security vulnerabilities for years.

HD even hired an IT architect who had a questionable past spreading viruses and sabotaging systems at former employers:

Home Depot’s former security architect had history of techno-sabotage | Ars Technica

Heads need to roll and the banks should sue HD. Target's former CEO lost his job and the company has suffered.

 

[gauss]

I did sign up for the offer.

I monitor my CC activity pretty closely (import to Quicken every other day or so) and would spot a fraudulent charge fairly promptly. Even then, it would be the CC issuer's problem and not mine other than the hassle of getting a new number and changing my few auto-pays that go to that CC, so I'm not too worried about it. What am I missing?

I don't think you are missing anything.

CC companies are responsible for losses under Federal law if you notify them within the prescribed time. This is one of the reasons that merchants pay up to 3% of every transaction to the CC processors that the buyer doesn't see. If you were using a debit card then that would be different. In debit case you would run the risk of finding a 0 balance bank account with other outstanding legitimate charges still pending. This is why I limit debit card use to ATM withdrawals and emergencies.

I have never taken the offer of the free credit monitoring in these cases. I maintain credit freezes to guard against new accounts being opened that I would have to deal with.

I sleep well at night.

-gauss

 

[gauss]

There is a sorry about HD upper management ignoring warnings about security vulnerabilities for years.

HD even hired an IT architect who had a questionable past spreading viruses and sabotaging systems at former employers:

Home Depot’s former security architect had history of techno-sabotage | Ars Technica

Heads need to roll and the banks should sue HD. Target's former CEO lost his job and the company has suffered.

If after the investigation from the credit card companies is complete and Home Depot is found to be out of compliance with their PCI certification (which credit cards require of merchants ) there could be huge ramifications in terms of financial penalties and operational constraints going forward for HD. Given that HD is such a large customer, however, I suspect that settlement will be purely $.

-gauss

 

[pb4uski]

....In debit case you would run the risk of finding a 0 balance bank account with other outstanding legitimate charges still pending. This is why I limit debit card use to ATM withdrawals and emergencies.....

+1 The protections on debit cards are so poor I'm not sure why anyone would use them for regular purchases. On top of that, the CC that I use doubles the manufacturer's warranty period (excluding vehicles). I collected over $600 from the CC company on some out of warranty repairs to my refrigerator.

 

[RHLnFLA]

I only use Home Depot's credit card when purchasing certain items at HD, not another bank credit or debit card. Am I at risk with this breach?

 

[gauss]

+1 The protections on debit cards are so poor I'm not sure why anyone would use them for regular purchases. On top of that, the CC that I use doubles the manufacturer's warranty period (excluding vehicles). I collected over $600 from the CC company on some out of warranty repairs to my refrigerator.

Just speculating here, but I would guess that it is the ability to get fee-free "Cash Back" at the grocery store (generally $20 max) avoiding a trip to the bank.

-gauss

 

[sengsational]

+1 The protections on debit cards are so poor I'm not sure why anyone would use them for regular purchases.

I'm guilty, but only because by doing at least 10 debit card transactions, I get 1.5% on the first $25K in the account. Usually I force 10 small transactions early in the month then switch to using my Discover IT cash back card. I've often wondered if it's worth $30/mo for the risk, though.

 

[tryan]

I only use Home Depot's credit card when purchasing certain items at HD, not another bank credit or debit card. Am I at risk with this breach?

I don't see how ... not like they can get cash advances from a HD card. But IF they want to renovate ... watch out!

PS - I do the same ... I am not worried. They have bigger fish to fry.

 

[explanade]

Local HD here will let you return things without a receipt.

So you can charge things up and return them without receipt for cash? Or maybe it's only store credit.