The blog title is asking a question. What do you think about when you charge something to your credit or debit card? Thinking about whether or not the transaction is as secure as possible? Probably not. I don’t blame you.
In two different articles recently published by Krebs on Security, I started to think about some of what he is saying, especially when you read one of them.
In the first article, Brian talks about why credit card fraud is still the thing. A well-known card shop, whose name was Brians Club, sold quite a number of stolen cards, but yet, a lot were still unsold. The amount of money made by this shop alone is staggering. Here’s Why Credit Card Fraud is Still a Thing is the article.
This is a research project by New York University and I really think its worth the read.
There is also a second artoicle about the security of chip cards. While a lot more merchants of late are installing chip based readers, we still stripe if there is a problem with the chip, yet the chip is more secure if used properly. Researchers found a very interesting work around if some banks don’t do the proper verification that is required. Is Your Chip Card Secure? Much Depends on Where You Bank is the article that goes in to all of the juicy details.
Thanks for reading.
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Not much we can do if a site database is lifted.
Offline skimming on machines for cash has been round for a bit.
However, the systems are quite secure, you do need to make sure say if you are going to another zone that you set things up so you can go through without an issue.
Like another country or some place you know you will not be going to that you don’t do often.
Of course a good security system is also essential.
My brother got called by american express because of some suspicious activity on his card.
The call was to advise him that his card had been compromised and was being replaced and that was all.
It was and there was no issue at all.
Sadly thats not like this with others.
I was once traveling and had ahead of time setup the card, things did not work and a lot of overseas calls had to be made to fix it.
In addition, if you make the mistake that my dad made once while traveling to reset the card either via a stolen wallet like my mum had or not setting things as they should have, then you will need another form of payment in the case of a stolen card because you will need to be back at home to get the new one.
In the other, the bank will most likely block your account and if you have joint access it can get legally messy quickly.
At the best you will have to putter about trying to get it fixed.
In the worse scenarios, you will have to get the lawyers in to fix it at cost.
The bank will never admit they are wrong even if its their issue either its your problem, always is.
My dad got charged at a shop for something he didn’t do and then his card got subscribed to porn and other alegal things.
It was replaced, an investigations were quick, and they found what it was, who it was and we didn’t have to do anything.
Just remember that not everyone is on your side if any of thish appens to you.
I have not personally had this happen with banking, but I have had issues with supposed government funded organisations that well lets just say can make life problematic without the threat of a lawyer.