ShareFollow UsID Theft is the hidden snake in the grass when it comes to being a functional adult in the U.S. today. It can sneak up when you least expect it and change your life entirely. That is why it is so important to protect yourself from this low lying, but dangerous threat. 1) It […]
ShareFollow UsID theft. Ever heard of it? Probably. Ever run into an issue with it? Maybe not. But that doesn’t mean that you can’t still run into this problem in the future. No one ever really plans on getting their identity stolen, it sort of just happens out of the blue. More then 15 Million […]
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ShareFollow UsThe threat of losing your identity is something that is growing. Attackers are becoming smarter, and are finding new ways to steal your identity. You need to be ready to stop this from happening. The number of attacks happening within companies is alarming, and they need to step up their protection, in order to save identities from […]
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Businesses have to be keen on this new development in the financial stratosphere when you’re thinking about it, for plenty of reasons. Aside from the fact that the transition to credit card chip technology will incorporate a nationwide spread of new card-reading machines (more investment for businesses, unfortunately), there’s one other subject companies everywhere would love to learn more about: identity theft.
Will This New Credit Card Chip Technology Protect More?
Good question. This doesn’t just revolve around the consumer, but the business. Ever lend your business credit card to the intern? Not a smart move…. You can imagine just how important it is to ensure that credit card fraud never steps foot into your business, and the concept of someone stealing somebody’s information — either customer, client, or business — is earth-shattering at best.
However, the computer chip raises a beautiful question. Hackers don’t care. A chip can be hacked into. But everyone’s saying that this new credit card chip technology’s going to change the landscape as far as credit card fraud and ID theft is concerned (it’s already happening a ton overseas where EMV’s been changing the way people spend money).
Here’s why credit card chip technology will make things better — the main problem with the magnetic strip credit card is the fact that the strip holds all the data and it never changes. That means if anyone ever gets a hold of your one little strip (they don’t even need to steal the card) and copies it (that’s really all they need to do), you can go about your life still having your card (no one stole it!) while some ID thief runs around with a copycat card, spending all your money.
What the computer chip-enabled card does, however, is allow the user to swipe it, have the machine read it; and the chip itself develops a unique ‘transaction code’ that can never be used again. It, therefore, means, you can buy 15 separate candy bars, the card will read it 15 separate times, and each time will be virtually unique from every other time.
Not one thief would be able to steal your information. Each transaction is encoded through the chip and never gets stored anywhere. It’s processed and then dies a lovely death in cyberspace, basically. Therefore, your information can’t ever be pulled from the card.
Of Course, These ID Thieves Are Resourceful!
The hope is the new credit card chip technology will change the way credit card fraud happens. As in never. But the problem with ID theft is there’s always a way. It’s like that bad penny always turning up. The good news is that this new development will certainly make it easier for Ultimate Identity Protection and other partners to do what they do best. Protect your identity.
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Transitions are never fun: maybe you’re looking to buy a new home in this growing real estate market, or you’re fixing to enroll in school for another degree. Changing jobs maybe? What with the fluctuating economy, whatever decision you’re going to make is about the equivalent of stirring up a hornet’s nest. Such is the case with this massive yellow jacket of a transition: chip-enabled credit card technology, also known as EMV. And as of this past October, guess what — you’ll very soon be forced to use these new type of credit cards.
Fear Not, Though, and Don’t Be Frightened — Chip-Enabled
Credit Card Technology Won’t Sting
Aside from the fact that the U.S. is at the moment the last country on the planet to use the old-fashioned magnetic strips you find on credit cards (Europe and other countries utilize EMV religiously, along with PIN identification for further prevention of ID theft and credit card fraud), you have three reasons to believe that everything should be okay as the commercial industry, specifically regarding credit cards, will do just fine with this new chip-enabled credit card technology:
- Go Ahead and Keep Your Mag Strip Credit Card for the Time Being — You’re going to need it for a long while, and here’s why.
- We Already Mentioned That EMV Protects From Fraud a Whole Lot Better — The question is this: how?
- Businesses Are Going to Need to Convert Anyway — In a way, businesses have to be much more nervous about this new transition than you, as the consumer. Here’s why.
And that’s just the start. There will be numerous other benefits associated with chip-enabled credit card technology as EMV continues to flourish and dominate the spectrum.
The Best You Can Do Is Be Prepared
Those credit card companies won’t spring the new cards on you while you’re not looking, just so you know. It will be a transition, not a big surprise. But a good transition at that.
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ShareFollow UsWhat does a thief look like in modern society? Are they strung-out crackheads? Or the devilishly good-looking James Bond types that you see on TV? Does it matter? In all honesty, no. The Thief of Today’s Age Can Be Anyone Your 16-year-old babysitter, the nerd you picked on in high school, and even your […]
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In today’s technology-driven world, the internet plays a massive role in spreading information. However, there are certain people and things that everyone should be aware of while using the internet. People such as cyber-criminals implementing identity theft, credit card fraud and other vices deceive internet users into revealing sensitive and critical information unknowingly. What Is […]
Identity theft is rampant these days. Anyone with a computer and enough gall can accomplish it, regardless of their intellectual prowess, and so bank accounts are being ruptured – and drained – with alarming regularity, but it is preventable with such services as LifeLock or Identity Guard.
Be Aware of Identity Theft: From the Moment of Inquiry
The next time someone asks you for your phone number, full name, or financial information, stop and ask yourself why do they need to know this? Then, stop and ask the person inquiring – why do you need to know this?
Identity thieves ask for important information, knowing that more often than not they will get a thoughtless, automatic response. So be vigilant about who you hand that information out to, and you might save yourself a lot of trouble.
Keep an Eye On Your Snail Mail, Without a Doubt
One method of identity theft is to take mail directly out of a mailbox. Don’t make it easy for them. Always drop your mail off at the post office instead of leaving it in your mailbox, and when you go on vacation, make sure you have your mail held instead of letting it pile up for thieves to take.
Don’t leave bills lying around where anyone can see them, and keep your personal information, such as credit cards, stored away safely.
Best of All, Watch the Internet, Because the Internet Watches You!
Most identity theft occurs online. Be smart about online financial transactions. Install firewalls and make sure the sites you’re spending money on are secure sites. Use creative passwords – random sequences of letters and numbers work best – and don’t give your financial information to just anyone
It’s hard to stop a criminal once they set their mind to committing a crime. But you can make yourself less likely to be a victim, and safeguard your financial well-being, credit history, and identity by being vigilant with the ultimate identity protection. As a result, you end up making sure you’re the only one spending your money.
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