The Importance of Security and Protection for Your Credit Card


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The Importance of Security and Protection for Your Credit Card

Updated: December 25, 2012

The content is accurate at the time of publication and is subject to change.
Credit card is by far the most convenient way to ensure financial transaction without having to pay for it immediately. There are some security measures that you must undergo to ensure that your credit card is protected from all kinds of frauds and debts. The credit card company will have many such options for security and protection of your credit card. Ways to ensure security and protection for your credit card:
  • Data security standards: MasterCard and Visa has set 12 guidelines to ensure that credit card information of the customer is safe. There are strict regulations between the merchant and the credit card company to ensure that all information is kept confidential. The merchant is responsible for safeguarding information and can be held responsible for security compromises.
  • Secure online account number program: there are credit card companies who help save your account number whenever you make any purchase online. They use a fake account number when giving it to the merchant. Once the credit card company verifies, it links your account to the charges for a particular purchase. In this way your true information is not disclosed to the merchant and is safe with the bank. The fake account number that is generated can be used for only one transaction.
  • Matching billing and mailing addresses:  This is another security and protection measure conducted by online merchant. It requires you to provide both shipping and billing address and then matches to the records. It ensures you protection from online thieves who steal account numbers and ship their purchase to unrelated address.
  • VeriSign SSL (security sockets layer) Technology: This is an encryption third party service that ensures online credit card security. The merchants are provided with a public key to encrypt information and a private key to decipher.
How can a consumer protect his own credit card? As a consumer security and protection of your credit card is as much your responsibility, as it is the banks. Here are some ways to ensure security and protection for your credit card.
  • You should protect your social security number as this can help to open a line to your credit card and cause fraud.
  • You should destroy all solicitations. You should shred unwanted cash advance checks and new card offers in your mail. You will be amazed to know that credit card information right out of your trash can also be used for fraudulent purposes.
Credit Card Companies offer absolute protection to your plastic money; however, you should also take precautions to safeguard your money and interest. To ensure that your personal information and privacy is protected, you must always use a trusted websites for online transactions. Safeguarding your credit card is a combined effort, both by the card issuing company and you, so that utmost precautions and care while travelling with it or shopping with it. Immediately report the loss to the car to the credit card company so that they can freeze your account and no fraudulent activity takes place.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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