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Credit Card Security Issues and Its Solutions


Starting with Diners Club in 1950, the present form of Credit Card usage is all and everything to a shopper. With large number of malls functioning in every city and even vegetable vendors using charge card machines that are connected wireless, credit card has become a necessity. But, the catch in this wonderful facility is the security part of it. The credit card security problem arises when one loses the card and the lost or stolen card can undergo quite a number of swipes till the limit is exhausted. This would enable one to make online payments where swiping the card is not necessary. Never the less, credit card organisations and banks have developed a number of security measures and quick protections to the Credit Card users. Insurance facilities also do exist for having the loss made good too.

The risks

Credit Card security problem starts with the loss of card or when the card is stolen. The resultant issue in all these cases will be that the card is immediately put to use, either through purchases or through online transactions. A clever thief has a number of ways to make the card work at point of sale and the card holder is put to loss to the maximum possible extent within minutes, before the genuine holder blocks the card from usage.
Few other forms of risks are there, when the secrecy of credentials are let out to a smart exploiter, when there would be fraudulent usage of the card details causing loss to the card holder.

Security features

For loss of card, the process of blocking the credit card security solution is simple by making a phone call to the Credit card issuing organisation and furnishing credentials for caller’s identity. Insurance is another cover for losses incurred by lost card before it is blocked. Misuse stolen or copied card is also well secured now through a system called 3D secure. While at the point of sale, the purchaser is required to furnish another security code for making the charge effective. Here again, the user has to punch the code oneself than asking the merchant himself or herself to do that. For online transactions, now the procedure of OTP has been introduced, in which the user is given a One Time Password through an SMS, which is to be furnished online for completing the transaction. These kind of safety features do keep credit card usage today well secure.

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