It is an alarming fact that credit card thieves account for 5 cents of every 100 dollars in transactions made through credit cards? Security features have come a long way since the inception of credit cards. At the very beginning, there wasn’t any protection for people with credit cards. If a thief got a hold of a card, that was all that was needed to commit fraud. Nowadays, however, thieves have less ability to make fraudulent transactions on a card, especially ones which harm the card holder.
These days, credit card companies have adopted a “zero-liability” policy. This means that the customer isn’t liable for any of the purchases that a thief makes. If the borrower didn’t authorize the purchase they are not held accountable. An investigation, which involves the credit card company and the police will ensue, allowing them to find the thieves and leave the consumer without any charges to pay. No matter what the thief does with a card, the customer is not liable.
Sometimes, thieves will try to gain access to credit card details through the borrower’s email inbox. This is called phishing, and is usually carried out by sending an email requesting the credit card number. Customers should be aware that neither Paypal nor credit card companies will ever ask for personal information.
Some websites on the Internet today are fraudulent, being created to make borrowers believe that they are making a purchase which will get a product delivered to their home. In reality, they can make exorbitant charges to the card and leave the customer with very little in their account at the end of the transaction. Consumer should be aware of such sites by visiting the Better Business Bureau or Bizrate.com and searching for the merchant. If they cannot be found there, then the customer could also visit the Complaints Board, which is a forum for everyone to call out the fraudulent companies.
Letting a website store credit card details is also something to watch out for. This should be avoided because large databases of credit cards are prime targets for hackers
Virtual credit cards are one of the new ways to make sure authentic borrowers do not get robbed. Virtual cards are good for one purchase only and expire after the transaction has been completed. There is no way to use the number a second time. Sometimes this service will be offered by the credit card company or through an outside affiliate. Either way, this is one of the safest ways to keep protected from thieves.
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Tags: Card Thieves, Credit Card, Credit Card Thieves, Thieves
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