Are you worried about keeping your credit and debit cards safe? Unfortunately, many of us know someone who has, or personally have been, the target of hackers in recent years. Before you freak out and cut up your cards, though, it’s important to recognize the ways that security has improved. Both banks and private companies have been investing in technologies that are improving the security of your cards. Keep reading to find out more.
Temporary Account Freezes
In the past, if you thought you’d lost or misplaced your card, you had to phone your banking provider and ask them to manually freeze the account. This was a lot of hassle for many people, especially those who were unsure whether they had actually lost their card or just misplaced it at home. Nowadays, many banks have mobile apps which come with a temporary account freeze feature. If you’re unsure what has happened to your card, you can simply log onto your account and lock your account temporarily. This doesn’t affect any outstanding direct debits; however, it will prevent anyone unauthorized from using your card. It’s a simple fix and something that many banks are introducing.
Have you ever tried using your card abroad only to find it’s declined? In the past, this was a security measure to ensure that your card hadn’t been stolen. Nowadays, however, technology has made the whole process smoother. Visa now offers a service whereby it uses the geolocation on your phone to ensure your card is in the same location. If your phone’s location matches the location of the ATM machine, the transaction is instantly approved. Not only has this saved a lot of hassle for those who travel regularly, but it has also prevented many unauthorized transactions from occurring. You can turn the service off at any time, according to Visa, but the data collected is purely used for fraud analysis.
SecureCard claims to be able to provide the best in wireless protection for your credit and debit card. As described on the Secure Data Recovery website, the technology makes your card invisible to hackers who use scanning devices to capture your card information. The device is the same size as a credit card and weighs just 0.3 ounces. It’s also waterproof and doesn’t require batteries to work. All you need to do is place it in the outermost section of your wallet for instant protection. It can be used wherever you go and essentially blocks RFID readers from scanning your personal and banking information. This is a really clever solution that has transformed the way that many people travel with their cards.
While it isn’t exactly uncommon for a credit or debit card to be stolen and used in an unauthorised way, the technologies above show just how much investment is being placed into keeping your financial information secure. It will be interesting to see just what the future holds in terms of financial security.