EMV Adoption Improves Credit Card Fraud Protection By 70 Percent, Study Finds
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Easy Tips
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Tuesday, 17 July 2018
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Credit Tips
Sometimes referred to as Europay, MasterCard and Visa (EMV) technology, the chip-and-PIN design was first suggested about seven years ago as a way to improve credit card fraud protection. While the statistics from Visa are encouraging, they don’t mean that threats to financial systems and consumers have gone away. The FBI has issued public advisories suggesting that moving to EMV alone will not keep consumers safe.
Besides the potential for counterfeit chip-and-PIN cards, it is often far too easy for cybercriminals to find payment details stored in the profiles of e-commerce sites, Bleeping Computer noted. If malicious software can get into the back end of various online shopping services and steal that kind of information, credit card fraud protection becomes far more difficult. Gizmodo suggested that merchants who haven’t moved to EMV will likely do so based on Visa’s data. Additionally, the rules established three years ago may hold these organizations responsible for credit card fraud protection if the technology is not in place.
Following major data breaches at well-known retailers, there might be an understandable wariness among customers to hand over their card data in stores where only a magnetic stripe reader is still in use. Online theft may continue to loom in the shadows, but this is an area where organizations can make a significant IT security improvement today.
Most reputable companies will have an office where you can visit. Most of these will also have a web based presence, normally fully functional websites offering their services. Try to stay away from those companies who only operate through a website, it could be a clear indication that the set up is not professional or has not been around too long. Also keep a watch for those companies that try to talk you into strange and unexpected behaviour, such as a new identity or using EIN number, these are most certainly scams that could even turn out to be illegal.
It really does happen! Most genuine services will sometimes charge a set up fee, but it shouldn't be a large amount, so be wary of companies who request payment up front or ask for a surprisingly large set up fee. Chances are they'll take your cash and disappear. Bear in mind that the set up fee will normally be needed just to obtain the first credit report, so expect it to be a small amount. However, in reality you do not need to spend a fortune to repair your credit report. There is nothing credit repair companies can legally do that you can't do yourself! Get a copy of your free instant credit report from all 3 credit referencing agencies today.
A person's credit information is vital. If it reaches malicious hands, the identity of this person can be stolen and be used in ways that will eventually destroy that person's credit and credibility. A person who does not protect his credit information can be easily victimized by identity theft. In the good old days, credit protection is easy.
There is only one thing to remember: do not provide financial information to a stranger unless that stranger is someone that can be trusted. Thus, it is safe to give the social security number when applying for a driver's license but it is dangerous to give that same number to someone who claims to be selling insurance policies through the phone. Today, credit protection becomes complicated with the popularity of the internet.
Thousands of internet surfers are careless in giving away information about their life. And the new internet users are simply trigger happy in clicking all kinds of links. They don't realize how dangerous it can be when a person goes online. However, there are simple and effective ways of dealing with cyber criminals who are out to steal identity. Every person must be familiar with these ways before they even begin to surf. Here are some examples of these credit protection tips.
Physical Location - Any company that is selling an item and asking for credit card information must display the address of its physical location in its website. If it is the person's first time to encounter such company, it is wise to first check if such physical location actually exists. If it cannot be found, then that company should be regarded suspiciously and credit card information should be withheld. Credit Reporting Agency - One important aspect of credit protection is credit monitoring.
A credit reporting agency (CRA) can quickly identify, usually within a month's activity, if a person's credit information is being illegally utilized by another. In the United States, the three major credit reporting agencies are Equifax, Experian, and TransUnion. It is also a good idea to have one of these CRAs create a security watch so that the people who are obtaining credit information will be limited.
Firewall Protection - As technology advances, the thief's tricks of his trade also advances. The cyber-thieves have learned how to hack into a computer and steal information. The best way to ensure credit protection is to install a security system inside the computer. This security system must be constantly updated so that it will have the capacity to block off new strategies in hacking into a computer. If the computer's security system is neither robust nor effective, it is recommended that a personal firewall is created. To be a hundred percent sure, a person should never store any personal credit information in his computer. The internet is not the culprit when identity theft happens. The internet is just a tool, albeit a high-technology one. The real culprit is the thief which uses the internet.
President Barak Obama has decided to set up a specialist panel following the ongoing oil crisis, and the involved parties blaming each other. The commission is to be set up to examine industry practices and the governments roll in the disaster. The oil has been contaminating the Gulf since 20th April when the BP Deepwater Horizon rig exploded.