Personal Statement : A Single Credit Card

One of the many ways that employees are given the opportunity to make fraud from their companies is that customers physically hand over their credit cards to the employees rather than just swiping the card and following the instructions that are placed near the cash register or that is being told verbally to them. That gives employees all complete trust and the opportunity do what he/she wants, regardless of company policy. There is the temptation to do something wrong which more often than not, the chance is

And that's just in the United States. The card has become more secure and can be managed in the palm of your hands. From freezing your account to making deposits it can be even more secure to making online, over the phone, and on your phone/apps by the touch of your phone. That's how the credit card evolved from being a cardboard to cheap flammable plastic and now a card you can wear out. In the end the credit card was invented by a man that couldn’t pay his bill in a restaurant and thought of one of the best thing that people nationwide could use and that forever changed the way we paid for

Many of our time rely on credit and debit cards when purchasing items. While the two seem identical to one another, failure to know the difference can result in an economic catastrophe on the card owner's part. Debit cards are used as a way to spend money that the consumer already has by withdrawing the purchase amount directly from their account. On the other hand, credit cards allow the card owner to borrow money from the bank, in which the card is issued, up to a certain amount in order to make a purchase which they will pay back to the bank at a later date.

In December 2013, Target announced that massive amounts of credit and debit card information they collected over the years might be in the danger of theft. The credit card breach could affect as many as 70 million customers who swept cards in the retail stores or linked their cards with the membership card, the RedCard. Each card information contains a card number, holder’s name, address, phone number and etc. The more information the thieves got, the more conveniently the thieves could use them to get benefits from the card holders. Jia Lynn Yang and Amrita Jayakumar, the authors of “Target says up to 70 million more customers were hit by December data breach”, write about how bad people will use customers’ information to crime. These thieves possibly shop online by inserting the card information. They could also contact with the victims to gather more sensitive information, and even hack into their computers. This event forces us to seriously consider the crisis in how retails protect customers’ data (Yang &

Startling numbers from one study show that in the United States, 140 million credit card holders have 1.2 billion retail and credit cards (Lynott, 2008). Outstanding balances of

These lapses in security not only place consumers at risk but also result in considerable costs to financial institutions that are forced to issue replacement debit and credit cards, make adjustments to members’ account information and assorted other tasks to ensure the safety of financial information.

A new type of credit card is starting to become more familiar in the Unites States, called a chip-and-PIN card. The chip-and-PIN cards contain an embedded security chip and a traditional magstripe. This embedded security chip ensures that the card cannot be duplicated, as it masks the payment data uniquely each transaction. The problem with this alternative is that they cost significantly more to make than traditional payment cards and most merchants do not have systems that are capable of accepting the new chip-and-PIN cards. However, in October of 2015 if you have not changed your systems to support chip-and-PIN cards, the liability of the data breach now falls on the merchant, rather than the banks.

In the End make sure that you play your part wisely in keeping your Card information Safe. You already know what I am talking about.

In order to keep your bank cards and financial details safe you should always look after your cards all the time and try to not let go of them just in case you lose them. Always check your receipts to see if there is any mistake, if there is then you

Hackers identify several vulnerabilities in our global banking system, which enabled this hack to occur. First, hackers were able to gain access to the database of payment processors for Visa and Mastercard because they were less secure than the companies themselves. They targeted prepaid debit cards issued by two Middle Eastern banks whose database was also less secure than their American and European counterparts. The hackers next used dummy magnetic strip cards with fake information loaded on the strips to withdraw over $45 million dollars in over 36,000 transactions.

Because of this new Chip technology fraudsters are changing their techniques, as well as finding other ways to take your money out of your bank account and charge your credit card.

You are allowed to carry as many credit cards as you can and therefore they are perfect to work as a large sum to be used in terrorist activities. The money may often be derived from legal resources therefore making it very hard for authorities to identify the original culprit before it is too late.

‘’Founded in 1994 the EMV referred to Europay, MasterCard, and Visa, who together provided better card security.’’ (www.thebreif.com) Currently credit card fraud has been at an all time high in the years 2016 and 2017. This activity has skyrocketed since young teens and young adults have the idea of targeting adults and senior citizens, and using someone 's information to buy whatever the scammer desires. “The U.S. is responsible for 47% of the world’s fraud despite only accounting for 24% of total worldwide card volume.’’ (www.nasdaq.com) Credit card fraud has been a big problem, although through new security implementations such as chips and pin systems, the level of security associated with cards has improved. In the future credit card fraud may come to a stop, or at least slow down significantly. With this new security being implemented and new legislation laws credit card offenders may finally be brought to justice.

Statistics indicate that more and more people are perpetrating various acts of debit/credit card fraud. With the manifestation of advanced phishing website as well as advanced GPS based credit/debit card skimmer, this comes as no surprise. As such, naturally people are concerned whenever they make a purchase with their card, regardless if it's online or offline. Many financial experts agree that one of the most effective things you can do is to get a prepaid debit card. US Bank has a new product that goes by the name of Countor. It's the perfect solution for individuals who are concerned about their safety in regards to making online and offline purchasers.

When using money electronically, such as a debit/credit card, when you lose it you are able to call and cancel it right when you know it’s gone to avoid people hacking your account, but when you lose money, once it’s, it’s gone. There’s no way of recovering it, unlike debit/credit cards. You are also able to make sure when using a debit/credit card that you pay only what you are supposed to when making a payment, unlike cash where a cashier could screw up how much money you receive back (Dave, 2016).