Credit Card Security Measures
Posted August 23rd, 2010 and last modified November 3rd, 2011Credit card crime is a massive problem for the law. The ease at which fraudsters and criminals can use a credit card once obtained, can make it hard to catch those committing the crime.
Since credit cards have been in circulation the amount of credit card theft, and fraud has risen to horrific levels.
What have the lenders done to help it’s customers, and what credit card security measures can we take ourselves, in order to avoid being a victim of this type of crime?
The Lenders
One of the first things that lenders look out for in the hunt for card crime is what is known as pattern recognition. This is when they look for unusual transactions, and activity on the card.
If for example they see that a credit card has been used twice in the same day, but in two totally different areas, that may well throw up a red flag to them.
Likewise if there is a large transaction in a foreign country, they may also be suspicious and take measures to ensure that the transaction was genuine.
The next thing that lenders look out for is spending patterns. If a customer regularly spends $100 a week on petrol, and $100 a week on groceries, and all of a sudden there is a purchase of ten laptop computers, they will also become suspicious, and take credit card security measures such as blocking or even cancelling the card.
Chip and Pin
This has been very successful in the UK,and is being brought in across Australia. Chip and pin is where a customer has to physically type in a pin number into a credit card terminal before a transaction can take place. This way it is impossible to use a card fraudulently, without having access to the pin number.
The Customer
So the lenders are doing their bit. What credit card security measures can we take ourselves to avoid being stolen from?
One of the first things you should do is be very selective about when and where you use your credit card. If you do take it out shopping with you, be sure you know exactly where it is at all times, and that you are very careful not to misplace it, or worse still leave it in a shop.
Most of us do some form of shopping on the Internet, and this is where a lot of credit card fraud can take place. Be careful to make sure you have suitable firewall protection on your computer, to protect yourself from attack from theft.
Another good measure is to not use public computers to make purchases as you never know who will be using the system after you and may be able to somehow record your card number.
If we all do our bit, we can help reduce the amount of card crime, and keep ourselves in pocket.
Using a credit card has become a habit for millions of people. It is very common that sometimes people forget the risks that are involved with using their card until it is too late.
Identity theft has become a rampant problem as thieves become more and more savvy on ways to get a hold of private and confidential credit card information. Making purchases online has become commonplace but there are many criminals out there waiting for you to slip up so they can get at your personal information.
This can happen so quickly and without expectation that users may not even be aware that their details have been stolen until they receive the statement in the mail. By this time, the thief has had ample opportunity to make away with a lot of merchandise at the expense of the cardholder.
Retailers Have Your Safety In Mind
If you have been the victim of identity theft, it may feel like the world in unsafe as you have had your card security compromised. However, it is important to understand that retailers spend a lot of money trying to make shopping a safe experience. It is detrimental for them if shoppers feel that making purchases will be harmful to their credit so they work hard to make it as safe as possible for their customers.
There are security tips that you can implement that will make you a harder target for thieves.
1. Protect your PIN number
Your PIN is your own personal number and it should not be shared with anyone. Keep it locked away in memory, and destroy any communication you may have received that had your PIN number written on it. Don’t write it down on a piece of paper for reference and carry it with you. Make sure that there is nobody around to see your pin when you enter it into a machine, and cover your hand with your other one as you enter it. Also, even if you attempt to disguise the number, never write down your PIN on your Aussie credit card.
2. Protect your Aussie MasterCard information
As soon as you receive your card you must sign the strip that runs along the back. Cut the card in half when it has expired, and never let anyone else have use of your card.
3. Be Careful when you shop online
The best advise is to shop only at reputable websites. There can be some questionable websites, and if you have any suspicions at all, hold back on your purchase until you have found out more information about the company. There should also be a padlock symbol located at the bottom of the window which indicates that the site is encrypted. This helps stop any interception of your Aussie credit card details. Credit card security must be in place to ensure safe shopping on the Internet.
4. Don’t let others know your card details
Do not give out any details of your card to anyone that calls. If someone says that they are a representative of Aussie credit cards, you can take their contact details and call them back to verify that they are indeed legitimate.
5. Keep track of your card
Make sure that when you make purchases you get your card back. Watch to ensure that it is not scanned twice and that the amount of the purchase is the same amount you are signing for.
6. Use the MasterCard SecureCode
To increase your credit card security you can sign up to this service for further online shopping protection. When shopping at online stores that participate in this service, you will be required to enter your PIN number as you would at a retail store.
7. Keep a record of all of your purchases
When you keep all of your hard copy receipts you will be in a much better position to check your statement balance when it arrives, especially if the statement seems too high.
8. Check your account balance and statements online
Check your account balance online on a regular basis. Look for any suspicious activity on your account, and get in touch with the Aussie MasterCard credit card security section immediately if you see anything.
9. Store your card Safely
Any magnetic objects and loose change can deactivate the card. Keep it away from these objects, and any other objects that could possibly scratch the card. Also, keep it from bending or it may become too damaged to use.
If you follow these 9 credit card security tips you will have a much better advantage in the fight against card fraud. Shopping can be an enjoyable if you use the right security tips to keep you safe.
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