Safety Measures for Credit Cards
Last Updated on Tuesday, 26 May 2015 12:54 Written by Albert Greenhut Thursday, 30 October 2014 04:46
America leads the way in losses due to credit card fraud, accounting for 47% of the $11.3 Billion in worldwide fraud in 2012, the total amount is up 15% from 2011. American consumers are targeted because there are more credit cards here and magnetic strip security systems are easy to bypass. This is why many companies are rolling out new security measures, for instance Target is spending $100 Million to be ready for the new chip and pin cards.
The norm for American credit card protection is defensive, in essence verifying after the transaction that there was no fraud. Other countries have dramatically lowered their losses due to credit card skimming (data theft) by preventing the fraudulent purchases from taking place by using the chip and pin system. For example Canada, using the chip and pin system, lowered losses from M$142 to M$38 (a 70% decrease).
These are macro changes that take time to implement. The individual consumer is still vulnerable while these changes are taking place, and even afterwards as criminals find new techniques. An effective way to protect yourself is to never let your data fall into the wrong hands, effectively taking an active role instead of waiting to react after the damage has been done. Unfortunately there are many ways to steal data, some include hacking transaction data (as was seen on a massive scale by Target) or as simple as taking someone’s credit card, which the chip and pin system is hoping to combat by demanding a pin number with every purchase. Another way of taking a credit card is scanning someone’s credit card while it is still in their wallet or purse. This is undetectable until the thief uses the stolen information.
Intercept Technology offers a credit card sleeve that prevents such scanning. This active approach to data security means the information on your card is accessed only when and where you want it to be. Your card will not be vulnerable to being scanned and copied while it is in our sleeve. For either the chip and pin or the magnetic strip cards, your card is only accessible when it is outside of the sleeve. Taking an active approach on an individual level is the best way to protect your own data security. Intercept Technology is proud to provide a way to let individuals take these matters into their own hands.
