How Do I Reduce The Chance Of Becoming A Victim Of Credit Card Fraud?
By Jay Weller
Although the Credit Card companies are generally behind the efforts of fraudsters in preventing Credit Card fraud, there are some things you, as a Consumer, may do to stymie the efforts of these miscreants. For example, Capital One customers can activate email or text alerts when such customers balances exceed a certain limit, when a transaction happens or the customer does not have sufficient funds in their bank account.
Citibank and Bank of America both offer one time use credit cards for internet shoppers. Another option is to have one bank account for daily spending and another debit card for recurring payments. Then destroy the debit card for the latter account, and there is less worry of a thief compromising that account.
A company called Malauzai Software designed an on/off switch wherein credit card users could turn off their credit cards after each use. The service became so popular that now more than 70 or 80 institutions, mostly small banks and credit unions, now offer this service.
In the coming months, more Credit Card and Debit Card issuers will be offering cards with microchips that provide a unique code when the customer uses the card in person. After October 1, 2015, Retailers that are not equipped to read the microchip cards will be liable for certain frauds that may result. If the
Retailer has the proper equipment but the bank has not issued a microchip Credit Card, the bank will be liable.
Another process Credit Card customers can expect to see is a process called Tokenization, where the Credit Card customer will be required to input a code received by text message.