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Credit cards are risky for customers unless they are from trusted companies which have taken all the measures for protecting the card from fraudsters and cyber thieves. The excessive amount of online shopping means that personal information and credit card information can be stolen although it is not very easy. There are also chances one loses his or her credit card and doesn't realize so, allowing the finder to use it if possible. All these risks are taken care of in some cards. Customers too must ensure the security and protection of the card is of a good standard before activating it, given that some cards have a very high credit limit and conflict resolution might be a tricky affair.
Photo Security is one of the more popular card protection schemes. In this, the credit card carries the photo of the actual owner of the card which ensures that another person cannot use it. However, a downside of this feature is that, stores where the card is used may or may not check the photo and compare with the person who is using it. Another security feature a few companies like Visa have is the verification. When you activate the credit card you have to enter a password and the card is supposed to be Verified by Visa. When you use the card at select merchants, you will have to reenter the password before you can bill your purchase. However, in non-Verification stores, the card works as normal still posing a security problem.
The three digit security code on the VISA is another way of keeping your card safe. This can only be verified by the merchant and cannot be saved anywhere. Therefore only the card owner knows this three digit number. However, some merchants or online sites might steal this 3-digit code to misuse the card. Some credit card companies also have what is known as fraud monitoring systems. These systems constantly monitor all transactions and report any suspicious activity. The card is blocked and the card owner is notified of it as soon as possible.
Another interesting feature which cards have the zero liability. This means customers can take their time and verify the monthly bill after it is delivered to the, Since there is quite some time to pay the bills, customers can do a thorough check of all the expenses and report suspicious charges or fraudulent amounts that have been billed although they have not involved in that spending.