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Identity Theft Protection

There are a few ways that the banks and credit card companies are managing to increase methods of identity theft protection. One of the measures that you may have noticed is that more and more ATM outlets are now equipped with secret cameras. Many of them also have a mirror at your eye level or at the sides of the machine so you can see if anyone is watching your transaction from behind you. 

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Yet another electronic feature of an ATM is that many of them will automatically swallow your card if you accidentally leave it in the machine. Many machines also make a loud beeping noise as a reminder to remove it from its slot so that it is difficult to leave it behind in the first place. 

Yet another way they protect you is try and invent new ways to encrypt information in the black magnetic stripe of your card. This prevents the scam called skimming from becoming all too frequent. During skimming the information from the black magnetic stripe on your credit card is lifted by a special machine after you hand your card to someone like a restaurant employee. For this scam to work, the card actually has to leave your possession and be out of your sight for a while during the transaction process. 

More and more companies are also now adopting a policy advised by credit card issuers and the banks where they do not accept online transactions unless you can also provide the last three digits on the back of your card. This number which is above where you put your signature for the card is not to be confused with your account number which is on the back of the card. This allows both you and the merchant additional security and verification when you make purchases online.

 

 

 

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