Rules changing for merchants handling credit card data

Giving Credit Where Credit’s Due: Three Cheers for Richard Cordray

Just as a credit card company will look at your credit score before issuing you a card, business lenders rely on a similar credit scoring system to determine your ability to borrow money for your business.

Lock your door. This is the single most important way to keep your computers secure. "I don't want to simplify this too much, but I've seen so much of this kind of crime where the unfortunate victim just leaves his door unlocked," says Antinozzi. "Lock your door." Mark the property in a very visible, permanent way. Just as would-be thieves are often deterred by homes bearing "Protected by ...” signs, so is the computer thief going to go for an unmarked laptop. Don't assume your desktop computer is safe. Invest in some inexpensive cables designed to tether the CPU to something immovable in the room.

Adjust your computer settings to prompt for a password anytime the computer is used. Change that password from time to time. Don't reveal too much. Social networking sites such as MySpace and Facebook may ask for your birth date, but birth dates are a boon to identity thieves. Likewise, do not reveal any other personal info on these public sites, or in response to any e-mail requests for your Social Security number, credit card numbers, or other data, even if it's from a familiar-sounding company. Always err on the side of caution. For example, if you receive an e-mail that says it's PayPal and wants to verify your credit card number, call PayPal directly from the number listed on its Web site -- NOT from any information in that e-mail. If you simply send your credit card number in response to that e-mail, you could find yourself stuck with a maxed-out credit card and a host of negative credit report problems.

If your laptop is stolen, can you provide a full description for the police? Write down your computer's make, model, color and most importantly, the unique serial number, which acts as a key identifier, much like the vehicle identification number (VIN) on a car. You might also need this information in case you want to file an insurance claim. Install a tracking device. Use a GPS tracking device that runs invisibly on the computer to relocate the stolen property. Use a multi-layered security approach. MyLaptopGPS's six layers of protection, including permanent tagging, GPS tracking, covert data recovery, remote data deletion, stolen property tracing, and property registration, are only $9.95 per month per computer. Other GPS tracking devices can be purchased individually and cost anywhere from $50 to $400.

Use software such as Identity Finder, at $24.95 per computer, to search and preview the personal data (both your data and anyone else's data that might be on your computer), including credit card numbers, Social Security number(s), birth dates, tax returns and financial aid documents, on your computer. You then have the option to digitally shred, encrypt, or redact that information, depending on your needs. Students can also find free digital shredder software online. Contact your college's IT department about network security. Many colleges provide security software or other services free to their students, says Feinman, who notes that "tens of thousands" of colleges have licensed the Identity Finder software for their students.

Colleges and universities have been using ID cards for a variety of uses, including financial transactions, since the early 1990s. As technology has evolved, however, so have card capabilities, leaving colleges with an ever-growing menu of options. (See related story, "3 must-ask questions about student ID cards.") Some colleges are content with plain-vanilla uses; others have chosen to add a host of services, all of which students embrace. "You've got kids coming to campus who've been using cards and accounts since junior high," says Chris Corum, executive editor of CR80News.com, a publication that tracks ID card technologies relating to schools and institutional settings.

Be it a small business endeavor or to compensate for college expenses, credit cards simplify many diverse lifestyles. Nevertheless, credit cards designed for work and education have a few requirements. For instance, many financial institutions may request copies of a college student records before approving a credit card. When business owners are approved for credit cards, the terms of the credit card policy mandates that the card must be used solely for business purposes. The guideline applies to making credit card transfers to and from business related credit cards ?as well. To claim a return on your company purchases, search for business credit cards that offer rewards featuring the types or free products/services your company needs to fuels its productivity. Credit cards represent significant discounts in products, services and travel.

Rewards are a major factor when trying to find the right card. If you plan to use your credit card for everyday purchases? Such as groceries and gas? Then a reward card will give you more benefits than a standard credit card. Citibank offers the Citi Dividend Platinum Select card, which also has no annual fee and 0% APR on balance transfers. You can consolidate your debt while earning cash back on all of your purchases. When you use the Citi Dividend Platinum Select card, you get 2% back on purchases at supermarkets, drug stores and gas stations. With all other purchases, you receive 1% back. I recommend this card to anyone with balances on other cards, and anyone who uses their credit card regularly. If you’re going to pay with a card, you might as well earn cash back. The Citi Platinum Select card has no annual fee and 0% APR on purchases and balance transfers for the first twelve months.