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Credit cards safety systems and procedures

Danny Mirel
 


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The safety standards of the world's largest credit card companies MasterCard and VISA are very high. Due to the continuous improvement of existing technologies to develop increasingly better security, card transactions are always secure. In addition to the Verification and Secure Socket Layer (SSL), there are additional safety systems and procedures, which are particularly good for shopping on the net for the credit card user. It is very secure.

3D Secure process

In the 3D Secure process, the customer is identified before payment by credit card over the internet with a personal password. When paying, an extra box will open, and the credit card holder connects with the bank. There is this personal password and can identify the legitimate cardholder. Only when the password is entered correctly, the payment is made. To secure the 3D secure authentication, the methods include MasterCard Secure Code for paying with MasterCard and Verified by Visa in the use of VISA credit card.

EMC Standard

In addition, the successive EMV standard (the new security standard for credit cards of Europay, MasterCard and VISA) was introduced. Instead of a magnetic stripe, all necessary data are attached to a chip at the front of the card, so an abuse of the card is ​​almost impossible. The on-chip data can be copied or changed. The implementation of the secure credit cards to the EMV standard in Europe was completed in 2010.

Different PIN CVC

What is the difference between PIN and CVC?

It is often confusing, which is used when it comes to credit cards. There is the CVC and the PIN, the credit card and PIN and many more.

The PIN is also the secret number of the credit card. It shall always be sent separately from the credit card itself and should, after memorizing the PIN, be absolutely destroyed. With the PIN, you can withdraw cash from ATMs around the world.

The CVC is the so-called credit card check. It is needed whenever you want to make payments over the Internet. The three-digit number indicates the payment adopter that you are actually in possession of the credit card and you want to make the transaction.

Unlike the PIN, the CVC is not secret, but printed on the back of the credit card. In order for the credit card to be secured, one should not give the card out unless you want to pay with it.

Both figures together, the PIN and the CVC, serve the security of credit card and will offer protection against the misuse of the card.

Complete protection will probably never be able to achieve but keep in mind that there are some ways to optimize your protection from fraud.

What are the advantages of using credit cards?

Credit cards are primarily one of the safest means of payment in the world. They are also versatile. Since, worldwide there are many merchants who accept these cards. They can be used both domestically and abroad as a convenient cashless payment instruments.

Cash for travel and car hire

Meanwhile, they include standard equipment in every baggage. Especially in foreign countries, a credit card is very much easier than with cash traveler's checks, which you must redeem at the counter.

If you need a rental car abroad, at least one credit card is needed.

Purchases on the Internet

Many purchases are now made on the web. This allows quick and easy price comparison. Some dealers are paid only by credit card, but at least they are preferable because they can be processed quickly and no unnecessary fees are paid by cash.

Flights, train tickets and tickets for concerts, opera or theater can sometimes only be paid by credit card if you want to book through the internet.

Financial flexibility

Credit cards have the advantage that they provide some financial flexibility if their own financial reserves are not available. Some providers charge credit cards or revolving credit cards and even offer interest-free until the time of settlement.

How do scammers get card information?

For cheaters, there are several ways to collect credit card information. The most important and the most frequently chosen ways are presented below.

The credit cards and associated PINs are tapped in the mail and used in an abusive way. This can be done either on the delivery path or by theft from the mailbox.

Theft

Thefts are usually in trade (e. g.department store). Burglaries as well as by road and bag snatching, this is also possible. Above all, sports and major events are popular places where thieves like to take advantage of the cards that you have. Handbags, backpacks and jackets should not be worn out of your sight. It must be close to the body.

Phishing

Using fake emails or malware (Trojans) can spy personal data on people's computers. With an authentic-looking e-mail of the recipient, it may request information (password, credit card number, PIN codes, etc. ), which the scammers then use for crime.

Skimming / card forgery

In skimming, there is an interception of data contained on the magnetic strips on ATM machines, opening the door modules, or directly into the POS terminals. The payment terminals at the merchants (petrol stations, supermarkets, etc. ) have mounted chips during the payment process. Personal data are transmitted to them to tap and then they duplicate the card.

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