New Innovations Are Keeping Credit Card Information Secure

In today’s economy, more and more people are turning to using credit cards. With this new onslaught of credit card users there comes a greater possibility of fraud. The payment card industry had made great progress in compliance and security. Visa and MasterCard are actively creating technology and guidelines to protect consumers and merchants alike in keeping credit card information secure.

Visa and MasterCard have developed ways to improve the online transactions security. Verified By Visa and SecureCode allow the card holder and card issuer to authenticate each other keeping credit card information secure. This is done by exchanging digital secure certificates. Card holders can be assured that they are dealing with a real merchant and conversely provide a merchant with proof of a real cardholder. A digitally signed record of the transaction is created. Most issuing banks encourage card holders to sign up for these programs and many online merchants give consumers the opportunity to sign up before they proceed with payment.

Using these services is quick and easy. Card holders select a private password which they use to shop online with participating retailers. No additional software is needed for this added security for transactions all while keeping credit card information secure.

MasterCard has recently decided to deploy Actimize, a provider of transactional risk management software for the financial services industry. Actimize has a debit fraud solution, real-time risk scoring and fraud prevention service for PIN-based transactions offered by MasterCard to its customers. This program is unique because the technology detects fraud and suspicious activity at the card, device, account level and many other dimensions.

Although a huge push for regulation of the Associations is being pushed through Congress there is no better way for a merchant and card holder to protect themselves then keep their eyes open for red flags.

  • Beware of calls from your bank saying that they are verifying possible fraud on your account. Often scammers will ask you to verify the three digits on the back of your card. Your bank already has that information and does not need you to verify it.
  • Make sure when you make purchases online that you are on a secure environment, and you are making your purchase from a reputable company.
  • Don’t Fax or email your credit card number to anyone.

We can’t detect all fraud, all the time, but we can make leaps in the right direction so we can begin making it harder for fraud to occur.

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