The Identity Theft Double Whammy

The New York Times reports that MasterCard admitted that "more than 40 million credit card accounts of all brands might have been exposed to fraud through a computer security breach at a payment processing company." If you are worried about this, you should be. Mastercard and other credit card companies will be able to legally profit off this error because of Congress.

Why? Because back in March, Sen. Bill Nelson (D-FL) offered legislation to prevent credit card companies from taking advantage of people if their financial troubles are caused by identity theft. The measure was voted down, thanks to credit card industry-bought politicians. That means MasterCard can lose your information, and be responsible for your identity being stolen and finances ruined. And then they can legally seize on the situation by charging you excessively high interest rates because your credit has been ruined by their negligence.

Thank you Republican legislators!

Thanks to David Sirota

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