Every credit card owner knows that protecting your card is very important. With so many ways for you to fall victim to fraud and identity theft through your credit card information, you should always prioritize securing your credit card.
Credit card issuers and companies also know this threat, which is why they incorporate many credit card security features. These features prevent your credit card information from being shared or stolen while keeping your transaction safe and anonymous.
If you want to learn more about credit card security features, check out this essential guide.
EMV Chip Technology
One of the greatest improvements to credit card security features is the EMV chip technology.
Before, all of the data was stored within a magnetic stripe card that has all of your information. The introduction of the EMV chip technology allowed for a dynamic code to be created for every transaction.
This means that every transaction has its own code which hides your information making it very difficult for anyone to track down.
It adds a layer of complexity and security to your card which is why many issuers are now offering credit cards with EMV technology.
Personal Identification Number
Your personal identification number or PIN acts like a password which is still being used to this very day to protect your credit card information and transactions.
Notice that when you offer your credit card, they ask you to enter your PIN in the number.
This gives them your approval to use the card for the transaction and protects your card from any unauthorized transactions or fraudulent activities.
This also protects your card from being used if ever it is stolen or lost.
Transaction Alerts
Many credit card companies often encourage their cardholders to subscribe to their transaction alert features.
This is where they will receive notifications or prompts, either through text, call, or email, that a transaction has been completed.
This also serves as an alert whenever your credit card information is being used for any unauthorized transaction.
You will receive an immediate alert that your card has been used. You can take further action to prevent any additional damage to your card. You can then call your issuer to have the card blocked.
Contactless Payment
Another great credit card security feature that is very common nowadays is the contactless payment feature.
Whenever you use your credit card for payment with this feature, all you need to do is tap the card on the machine and it will continue with the transaction.
Credit card transactions need to be confirmed by swiping the card into a machine before being processed, which increases the risk of skimming. Skimming is when your card information is copied to be used for other transactions.
With the contactless payment feature, you don’t have to worry about that anymore.
Digital Credit Cards
Modern technology has gifted us with very creative solutions to credit card security issues. Long before, our credit card information such as card number and CVV has always been static.
This means that you only have one card number and CVV for the rest of your life until you discard or change to another card.
With digital credit cards or virtual cards, you can still make transactions using your credit card information but with temporary card information.
This includes the card number, expiry date, and CVV and only the machine that collects the card information can encrypt the code. This can be used in many establishments and many online transactions.
CVV
Your CVV or Card Verification Value remains one of the best ways to secure your credit card.
It may seem to be outdated at this point, but it is still commonly used. The three-digit code is located at the back of your card where it is commonly used during a transaction for verification purposes.
The person will ask for your CVV and all you need to do is to tell them the code for the transaction to go through.
Take note to never give out your CVV to anyone.
Two-Factor Authentication
Many credit cards that have mobile apps incorporated into their system often have a two-factor authentication process.
This is an added verification step for those who want to have a more secure transaction.
Two-factor authentication occurs when you receive a one-time PIN or OTP, which is a random code on your registered mobile number. You can then enter the OTP on your app or account to proceed with the transaction.
This safety measure is very secure as only you have access to your mobile number or email address.
Enhance Your Credit Card Security With These Steps
Even with these credit card security features, there are still ways for you to enhance the safety of your credit card information.
Many hackers are getting creative with their methods so you should also be updated with how you can protect yourself against them.
Check out some tips to improve your credit card security.
Use a Secure Network
When doing online shopping, make sure that you are connected to a private network.
Always avoid doing online shopping using a public network such as a coffee shop WiFi or public library WiFi.
Do transactions in the comfort and security of your home WiFi to lessen the threat of being hacked.
Make Your PIN Difficult to Guess
Most of us tend to use a PIN that is very easy to remember but chances are, they are also very easy to guess especially if they also know you.
Make your PIN difficult to guess by using a set of numbers or code that only you know.
Try not to take note of your PIN on your phone. Make a PIN that is difficult to guess but easy to remember.
Learn How to Spot Phishing Emails
A lot of people fall victim to credit card scams and hacks due to phishing emails. These types of emails often require you to enter your details including your PIN when you click on them.
The entire website looks very similar to the official one which is why you feel safe. If an email asks for your password, PIN, or CVV, it is most likely a phishing email.
Anyone asking you to give your security details should always be considered phishing and you should terminate the transaction immediately.
Conclusion
We have come a long way with credit card security features. No one wants to deal with credit card issues, especially with stolen information and fraudulent transactions. If you’re looking for a credit card, make sure that all of these credit card security features are present.
