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Upsides and Downsides of New Technologies for Maintaining Credit Card Security
One of my friends used to be afraid of using his credit card online. He told me that he just hated to give his real credit card number. But a few days ago he phoned me and told he bought a $500 TV online after he discovered that his bank offers a service that allows you to give a substitute credit card number when you shop online.
These substitute credit cards or "virtual cards" or as they are sometimes called "single use card numbers" are designed for card holders concerned about security when shopping online.
When talking about credit card fraud some like to say that millions of Americans suffer from credit card information theft. This is not precisely true. With a $50 liability law individuals do not take a lot of risk here. It is more troublesome for banks that have to deal with all the problems incurred.
In order to somehow outsmart online thieves several major banks have developed an option of online shopping with "perishable" credit card numbers. How does it work? You use a different random card number only once on a specific website where you make your purchase. This number is useless for the hacker because you cannot use it anywhere else on the Web.
As soon as you receive instant approval do not be in a hurry to start spending your money online. In order to be able to use this new service a card holder has to have special software that is installed on his or her computer. This software is used to produce virtual card numbers as long as real card number and personal information are typed in. Simple and effective.
Although single use card numbers give you an additional layer of protection, there are situations when this will not work.
First of all you cannot confirm hotel, ticket or any other reservation with a card number that does not exist off the Web. Secondly, paying recurring expenses such as phone bills or electricity can be a challenge with the card number that expires every week. Finally, you will not be able to pre-order unreleased books, CDs, videos.
Some credit card issuers, however, as for example Discover, have already solved this problem. They offer virtual cards with the single use number that has the same expiration date as the customer's actual card. Discover cards are only one example. In case of Discover you can use your virtual card only for one merchant. That is why it is better to compare credit cards for online shopping and choose the best credit card for you.
Credit Card Fraud Avoidance Tips
Even without modern technologies you can try to avoid online credit card fraud. Just use old fashioned common sense.
1. Find out whether the web site has privacy policy. Learn how your personal information will be handled.
2. Make sure the site is secure. Secure web site starts from https:// instead of usual http://.
3. If you shop with the merchant for the first time find Trust-e symbol or a Better Business Bureau online seal. This means that a seller is monitored and deemed trustworthy.
4. Stay away from spam offers via e-mail. Delete them straight away.
Whether you choose to use virtual credit card offers or not, keep in mind that credit card theft can turn into identity theft which is times worse.
If you have something to say, please leave your comments below.
Articles about credit cards
The subject of credit card use by young adults is much talked about online and offline, in magazine and internet articles. There are supporters and opponents of issuing plastics to young people among credit consumers and financial experts. However, many of those hair-raising tales about graduates that collect enormous debts are just boogieman stories. The statistics shows that young people became more reasonable in credit card management and most of them do not have loads of debts.
A recent opinion poll conducted among college students revealed that 92% of young adults realize that damage credit history and low credit score could have a negative effect on their future financial standing and cause problems with qualifying for loans.
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Financial crisis, mortgage and credit crisis, real estate crisis, what other crises do US citizens have to suffer from? It is just some epidemic of crises! Talking about epidemic, health insurance crisis is another hardship Americans are going through. Medical services take a bite out of your wallet. This year, according to recent surveys, Americans healthcare expenses exceed last year's medical spending by nearly $1,500.
The thing is that insurance companies have significantly raised healthcare insurance costs for customers. Many people just cannot afford paying for medical insurance. The government understands that many citizens' financial standing has shattered due to the economy recession. And the authorities do not stay indifferent to people's problems. They try to find an alternative solution.
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Have you ever noticed that all credit cards in circulation look the same except the color and picture on the front? The common features are size, shape, the magnetic stripe, the signature stripe, hologram and the number emblazoned across the front. Many people are so used to the standard credit card design that they don't pay attention to these physical characteristics. If you want to know why all plastics from different American issuers share the same structural features, read our article. We will tell you 10 interesting facts that cover their technology.
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02:51 AM, October 04, 2007, Shaun
I like the idea with single use card numbers. My wife is fond of online shopping and always uses this service.