Now a new way to fight fraud is on the horizon, with the advent of "smart" credit cards that can read a fingerprint to ensure the person presenting the card is the actual cardholder. Tech firm SmartMetric is currently presenting its biometric card to consumers in North and South America as well as various regions across Europe.
The SmartMetric card was developed as a credit card that is secured and activated by a fingerprint; users simply touch the card’s surface, which has a built-in fingerprint scanner with a sensor, to activate the card. Without activation, the card cannot be used to make a payment or get cash from an ATM.
The need for security goes beyond payment cards
SmartMetric isn't limiting itself to just payment cards, however. They are also offering their biometric security technology to health insurers, who want to make sure people aren't using stolen health insurance cards to pay for their care.
The cards can also store a user's complete medical file, making it easy for travelers to get personalized health care wherever they are. Major health insurance providers have greeted the card with enthusiasm.
Awareness increases security
Until you have a biometric credit card in your wallet—and most of us don't, at least not yet - there are things you can do to keep yourself safe from credit card fraud. Always keep your card number private, and don't write your PIN down where someone can find it. Be aware of your surroundings when using your credit or debit card, and only make credit card payments over a secure and private Wi-Fi connection.
Most major credit cards now offer easy ways to freeze your account if you see suspicious charges, have lost or misplaced your card, or have any reason to suspect that your information may have been compromised. By using these security measures, you can do a lot to prevent payment card fraud.
Read Also Related News
Contactless cards seem to be taking over the US market. Both credit and debit cards are being actively issued with the tap-to-pay feature. According to the recent study commissioned by PULSE®, 60% of debit cards in the U.S. are supposed...
Studies show that several emerging payment options are gaining acceptance among consumers, but not everyone is on board with the rapid pace of technology and the new ways to pay for purchases. The latest TSYS U.S. Consumer Payment Study...
Many people may be familiar with the name Frank Abagnale. Played by Leonardo DiCaprio in the 2002 movie Catch Me If You Can, Abagnale has worked with the FBI for over four decades and advised hundreds of corporations and government...
If your security code is rubbed out, contact your credit card issuer and explain them your situation. Most likely you will be offered a replacement card. Your credit card issuer will not provide you with the security code over the phone or via email. That's for your own protection.
At my local bank there was an advertisement that if one enrolls in Alaska airline credit card and spends $1000 in the first 3 months then a travel companion could fly free. Is this still in effect? Does it apply to international trips and 1st class? Does the flight need to be Alaska airlines/ Virgin airlines?
Currently, the Alaska Airlines credit card has the following offer: “Annual companion fare from $121 ($99, plus taxes and fees from $22) after you make $1,000 or more in purchases within the first 90 days of your account opening”. This benefit will qualify for a round-trip coach Companion Fare on Alaska...
I once had the US Airways credit card, then the airlines merged with American Airlines and my card transitioned into the AAdvantage MasterCard with a higher annual fee and without companion pass. I use the card one year and then closed it because I don’t fly with American Airline often. Now I am looking for a credit card without an annual fee. What are my options?
You may like one of the regular travel rewards credit cards offered by major banks. Travel rewards credit cards allow earning miles on all purchases. The cards also have one-time sign up bonuses which may be enough for a domestic flight. There are credit offers without annual fees, the other offers come with rather low...
I had the US Airways MasterCard back in 2013 but had to close it because I got divorced and had some troubles with keeping up with my credit cards fees. I’m back on track now and would like to apply for this card again but can’t seem to find it anywhere. Can you help?
The US Airways Premier World MasterCard is no longer offered. US Airways removed their credit card after merging with American Airlines. Today you can apply for one of the AAdvantage credit cards offered by Citi or for a regular travel rewards credit card. Both types of credit cards will allow you to earn miles and redeem...