With the increase in use of plastic as payment, it’s no wonder credit card fraud has begun to run rampant throughout the country. Many people believe certain myths about the safety of their credit cards that can put them at a higher risk for fraud. Here at Retriever, we know the importance of credit card safety and there are tons of myths out there that can give people a false sense of security. We’ve compiled the top three myths that you should quickly dismiss as false.
1) If I keep my CVV number hidden, I’ll stay safe. While the Card Verification Value, or CVV, on the back of the card is sometimes asked for in online purchase transactions, it’s not as important as you may think. The CVV number is only required by select online sites. Some online retail websites don’t even require that you enter this information. They simply need your expiration date, card number, and cardholder name to complete the transaction. Therefore, if someone is able to get ahold of this information, even without knowing your CVV number, they can most likely use your credit card to order merchandise online.
2) My credit card can never be duplicated. If your credit card has a magnetic strip, that strip is where all the data for the credit card is stored. When you make a purchase, your card is swiped and the data is taken from the magnetic strip and verified by the machine. It’s possible for thieves to swipe the magnetic strip of your card and create an identical duplicate card that can be used for purchases. Many credit card companies, including Mastercard and Visa are now issuing a chip-based card for customers that make this type of duplication impossible. However, it’s still something every consumer should take into consideration.
3) It doesn’t matter if I sign the back of my card or not. Many people feel the signature on the back of the card isn’t a crucial security step. However, if you lose an unsigned credit card and it gets into the wrong hands, you’ve just made it easier for the thief to use it. A merchant cannot be blamed for a fraudulent purchase if the signature on the card matched the purchaser’s signature. However, a signed card gives the merchant something to compare the signature to and possibly stop the purchase before it occurs.
At Retriever Payments Systems, we pride ourselves on making sure our clients have safe payment transactions. Give us a call today!