Credit Card eZine - News and Articles about Credit Cards

Tomorrow’s Credit Card Deals – No Chances for Fraudsters

2007-08-23

All the latest news and articles on credit card and ID fraud are harping on the same tune - credit card fraudsters are easily fooling banks' flagging system watching for suspicious purchases as though it were a primitive puzzle. Fraudsters use various curious methods for their malicious purposes - from common fishing to hacking your PC - and they always seem to be a step ahead of the newest security tools.

 If credit card fraudsters are so much at ease stealing your credit information whenever you make a credit card deal or transaction online, then how much confidence do they actually have when you are careless using your card at the nearest store?

Yes, there have been many talks on the security of credit card deal making online. We already know about Security Socket Layers and special software on your PC protecting your personal and financial information. But when it comes to pulling your plastic out at a shop, your security is put in danger and the safety of your credit card data is totally your responsibility now.

But as practice shows, common credit card users are either too careless swinging their plastic or simply cannot believe they can be attacked.

Anyway, it is the credit card charges you make at your local super market that make up more than half of all credit card fraud cases registered.

However, while most people are unaware of the potential danger their credit card is exposed to, researches in the field of technology development and implementation are working hard to introduce a new security device that promises to leave no chances to credit card fraudsters. 

If the plan proves to be a success, customers will soon be facing a significant change in the way they effect credit card payments in a shop. Remember how you usually do it? You come up to the checkout counter, pull out your credit card, hand it over to the cashier for a swipe and then... write your signature on a paper receipt.

And you never know that your credit card number or signature may be easily copied and used for making fraudulent purchases later on. You must have heard of the numerous cases when shop assistants contribute to the disclosure of your credit card information to the third party and then you find your financial and credit card account information being sold on the black online credit card market.

So, what about the new device designed to protect your identity and credit card? MIT researches have made a statement that radio tags attached to your MasterCard can substitute your signature and even your security code while you are effecting a payment! If it's not yet clear to you how the system works, then read on...

The radio transmitter on your plastic sends out radio waves, and due to this possibility you do not need to expose your unique signature and security code to the cashier and so endanger your personal and credit information.

You just need to move your fingers over the credit card reader and it sends your signature and security code straight off to your credit card company for verification and purchase authorization.  What can be more secure than communicating directly to your credit card provider, without involving the third party?

The new device is not only proficient in protecting you but also convenient in use. As a rightful owner of your credit card, you have the authority to turn on and off the radio tags when needed. You can switch them off for greater protection from thieves but it still seems improbable that criminals can detect and track the signals.

The new highly sensitive and accurate technology makes it impossible for credit card thieves to cope your unique signature and so it is another big step towards provision of less theft in the industry of credit.