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Jets player has $50K stolen from car

By Allison Ross · Bankrate.com
Thursday, February 13, 2014
Posted: 4 pm ET

blog-Ed-Reed-ASSOCIATED-PRESSNew York Jets safety Ed Reed reportedly had $50,000 in cash stolen from his car, according to a report by Local 2 News in Houston.

Houston police are apparently looking for a suspect who smashed the window of Reed's car and stole a bag containing the cash, according to the report.

Police believe Reed was followed, according to the report. The article says Reed got the money from a bank down the street and then stopped at a Bank of America. It's unclear from the report why Reed had that much in cash or why he went to two different banks.

But what it does show is that not even a 5-foot-11, 205-pound, bonecrushing safety can ensure his cash isn't stolen.

And that's a good reminder for wary consumers who have been turning more to cash in the wake of all these data breaches.

A poll last month by The Associated Press and GfK Public Affairs & Corporate Communications found that 37 percent of consumers have tried to use cash instead of debit cards or credit cards as a result of data breaches like the one at Target.

People like McAfee's chief privacy officer have announced they're paying for things only with cash in light of the breaches.

But while cash may seem safer because you're not giving retailers any personal data, cash can open you up to risks, as Reed has demonstrated.

With credit cards and debit cards, there are safeguards to get your money back if it's stolen. But cash is more anonymous, meaning that it's a lot harder to get it back.

"I don't think the solution is carrying around large amounts of cash. It's dangerous and inconvenient," says Susan Grant, director of consumer protection at the Consumer Federation of America. "What's needed is better security for the consumer data that businesses retain."

Have you been using more cash recently? Have you ever had cash stolen from you? Share your stories in the comments.

Follow me on Twitter: @allisonsross.

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32 Comments
terrence
February 20, 2014 at 6:07 pm

it all points to someone who knew he was getting this money out the bank this wasn`t random. but i would never leave money like that in a car period.

Hayward
February 20, 2014 at 12:40 pm

..and the point is?

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