What Are Credit Cards

Published on 10 July 2012 by Raffick Marday

Interested About Credit Cards? Know Issues Related to Credit Cards

Credit card is referred as a small plastic card delivering wonders to its uses nowadays, which is in terms of payment against the purchased goods and services by the card holder. This also brings in many related issues and if credit card is not used carefully at times can put the complete system in a fix.

The whole security mechanism is highly depended on the physical securities of plastic cards as well as the privacy of the credit card number. There are many cases of credit card fraud floating around the world as many merchants accept the cards without verification and in the case of online transactions.

Friendly frauds are usually found to carry out by using the information of credit cards that are stolen online or offline. There are different ways that the hackers opt for doing this. To copy information from the retailers being the easiest way, as unencrypted information can easily be stored. At times even the data that are encrypted may also be cracked.

There are many ways to control frauds related to credit cards. For online banking a powerful concept that many banks are offering these days is Controlled Payment Numbers, which are numbers that are used in one time only and are used to front the actual account number of any person’s debit or credit card.

Many leading banks are offering this service to their clients wherein CPN is generated as one shops on-line and valid for short time. The validity is generally dependent on the real purchase amount. It is also dependent on particular price limit and the best part being its usage that is limited to only a single merchant and does accepts the repeat usage of the same number.

A check on the physical use of the credit card can also be applied if the consumer holds a card that is Chip and PIN (EMV) enabled. The usage of those cards can be limited in many ways such as you can use the card either at the point of sale locations or at a particular geographic location. Certain banks offers facility where such measures can be applied on the card on a temporal basis and information can be altered whenever required.

As a precaution measure Credit card users must always keep a track of their credit card transactions and in case of lost or stolen card must immediacy inform the corresponding bank regarding the same. Use of proper measures to check the card usage not only helps to restrict the misuse of card from some oversea location, online or offline. One must understand that the responsibility of the credit card companies is to reduce the fraud to manageable levels and not to eliminate it. So the primary safety and use of card lies in the hand of the card owner.

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