Credit card security is the main concern of all card holders. Maintaining PIN integrity is imperative to your cards’ security. There are guidelines to follow to help ensure maximum card security.
New Security Measures
With the advent of credit cards that have built-in microchips, credit card security has been increased. The chips allow for customers to finish a financial transaction by entering their PIN number instead of physically signing a paper receipt. This measure will greatly reduce cases of card fraud. It is also the reason that customers must exercise more caution and increase their PIN security.
PIN Security is More Important Now Than Ever
The new microchip reduces the risks of a customer becoming a victim of credit card fraud, but it also shifts the liability of unauthorised occurrences to the card holder with the reason being that the PIN number must have been compromised. Keeping your PIN number safe is the responsibility of the customer and not disclosing the card number to anyone makes the credit card unusable in the event of theft or loss. The issuing and processing companies developed this process to extend some of the fraud damage to the source, which is the irresponsible safeguarding of PIN numbers and disclosing the numbers to others. Once this happens the credit card security is compromised making any other prevention methods useless.
Actions for Fraudulent Activities
In the event that a fraudulent transaction legitimately occurs, it is essential for the customer to report it to the credit card company as soon as it is discovered. Any potential delays in reporting the incident may get the claim rejected immediately. Australians need to be aware of skimming incidents which record the information off of a credit card for the purpose of committing fraudulent activities. Communication is paramount once a fraudulent activity has been discovered. Contact your credit card company as soon as possible and give them all of the information that you have available. You will still be protected by the zero liability policy if it is determined to actually be fraud.
Keeping Your PIN Safe
As a customer you can keep your PIN number safe. First, do not keep any written version of your PIN number with your credit card. Next, do not disclose your PIN number to anyone for any reason. Sometimes a family member may need assistance and only in these circumstances should this information be shared and only with the most trusted person available. The final suggestion for maintaining card security is to establish a PIN number that cannot be easily guessed by someone. There are many possibilities to safeguarding your PIN number and these suggestions are just a few that will greatly increase the long term integrity of your credit card.
Credit card security is of the utmost importance to any cardholder. With new technologies being established, the risk of becoming a victim to credit card fraud rests with the customers ability to maintain their PIN number security. Following some general guidelines will provide a solid PIN number defence.
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Posted on Friday, June 25th, 2010 at 4:51 pm
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