Identity theft? President's credit card declined in a New York restaurant for lack of use

Associated Press

The Secret Service is charged with watching the president's back, but who's watching his wallet?

When his credit card was declined last month while dining in New York, President Barack Obama wondered if he had become a victim of identity theft. Obama said Friday at the Consumer Financial Protection Bureau that fraud was suspected because he just doesn't use his card enough.

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Fortunately, first lady Michelle Obama was able to whip out a credit card they could use.

Identity theft is a growing problem and an estimated 100 million people have been affected by security breaches in the past year at retailers like Target and Home Depot. Obama on Friday announced a government plan to tighten security for debit cards transferring federal benefits like Social Security to millions of Americans.