Press Release Summary: As credit cards becomes more and more common the security of the plastic money becomes a matter of concern.
Press Release Body: The security of a credit card depends on the privacy of the number on the credit card. In other words, if a person other than the owner reads a credit card number, there occurs a probable compromising of security. This could mean that the security is low since in a transaction everyone will view the number. Merchants often accept numbers of credit card devoid of extra mail order verification, although recording of delivery address will be made.
For instore purchases merchants accept credit card numbers, resulting in easy fraud to take place. Therefore requirement of the card and a signature is a pre requisite most of the time. A fast cancellation of a stolen card will prevent the fraud-taking place. The level of security for purchase from the Internet will be as same as that of mail order. Many opportunities for committing fraud are available due to a low security system present in credit cards. A large black market scenario is created for credit card numbers that are stolen and used quicly before cards get reported to be stolen
The credit card companies are having the goal of reducing rather than eliminating fraud. There are many ways of obtaining credit card information, which are stolen for carrying out Internet frauds and the simplest of it being information that can be copied from retailers irrespective of whether it is online or offline. Even though there have been efforts for improvement of security for purchasing by credit cards, poorly implemented merchant card acquisitions have led to security holes.
An example of this being websites that use SSL scripts for encryption of card numbers may email it from web server to somebody who is processing the details at a terminal. Humans create security risks wherever the detail becomes readable before the bank does the processing.
Another option for the protection of a credit card number is by Control Payment Numbers. They are fictitious numbers that will be linked to real card numbers, which are valid only for a short period with a single merchant.
Prosecution of criminals engaged in frauds using credit cards in United States have been carried out by Federal Bureau of Investigation and U.S. Postal Inspection Service. But resources are not available for the pursuing of all the criminals. Generally federal officials have been prosecuting a case that exceeds a value of US $5000.
Reduction in credit card fraud could not be proven eventhough three new improvements to common networks of credit cards are introduced. Foremost of that is an introduction of a verification system that uses 4-digit pin number, which only the cardholder will be knowing
Second is the introduction of smart cards that are tamper-resistant intended for making difficult the act of forgery. Third is a digital code, which is of three or four digit on the back of the card to be used in card not present transactions.
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