People are understandably worried about the safety of their credit cards in light of the growing instances of credit card fraud, fraudulent usage, online phishing, and identity theft. The use of your credit card in a fraudulent manner might, at best, be an inconvenience, and at worst, it could badly damage your credit. It is understandable that individuals would have inquiries about the authentication methods and the security of their credit cards. The following are the questions that are asked the most often concerning the safety of credit cards.
How does the cash machine or retail terminal know my personal identification number (PIN)?
PINs, or personal identification numbers, are the method of identity verification that is used the vast majority of the time when using a credit card or an ATM card. When you pick your PIN for the first time, it is "encrypted," which means that it is recorded in a secret code consisting of letters and symbols. After that, the information is either saved in a database or written into a magnetic stripe on the back of your card.
2. If my PIN number were saved in a database, wouldn't it make it possible for employees of my bank or credit card company to access it? Read fuhet
One-way encryption is the term used to describe the encryption method that is applied by automated teller machines and credit cards. Given the bank's key and the PIN, it makes it simple for the bank's computer to validate the PIN, but it makes it very difficult, if not impossible, to extract the PIN in text form from the encrypted database. Read more
3. How does the gadget "read" the information on my credit card?
This is the magnetic stripe that may be found on the back of your credit card or ATM card. In point of fact, it is composed of a great number of tiny magnetic iron particles. It is possible to "write to" the card in the same manner as it is possible to "write to" the hard drive of your computer, which is by altering the charge via magnetic contact. Your personal information, including your account number, is stored on the stripe. The information contained on the magnetic stripe of your credit card is read when you swipe it, and then it is sent via modem to a company known as an "acquirer." An acquirer is a business that "acquires" a payment guarantee from a credit card company based on the information contained on the stripe.
4. Isn't there a risk of fraud and unreliability while shopping online?
Honestly, If you input your credit card information into a physical retail register as opposed to entering it online, you put yourself at a greater risk of having your identity stolen. Your credit card information is not at the greatest risk from hackers who target online stores or who gain it over phone or modem lines. Instead, the most significant threat comes from other sources. Here are the two main sources that are seen as serious threats to the security of the internet:
a . The "phishing" method is the second most significant risk to the safety of credit card information. In this scenario, those who commit credit card fraud attempt to dupe you into providing them with information on your identity and credit cards. They might do this by sending you an email that seems as if it was sent from your internet service provider, email provider, credit card company, or any other organization. They may go so far as to build websites that are exact replicas of well-known ones, such as PayPal or American Express, in order to steal your information on the purpose and exploit it for their own benefit.
b. Computer criminals who break into data storage facilities, credit card businesses, and bank records by using back doors.
This represents the most significant potential risk. Additionally, businesses that keep their paperwork "online" for reasons of invoicing are at risk of being attacked. Since data repositories are substantially more susceptible to attack than any other kind of data transmission stream, a lot of work is being put into enhancing their levels of security right now. Read more
5. What steps can I take to protect myself against phishing attempts?
Never give out your social security number or any other personal information to anybody without first confirming that they are who they claim to be. First and foremost, never give out your social security number. It is never a good idea, according to those with knowledge of the subject, to view a company's website via a link provided in an email. Instead, create a new tab in your browser and manually enter the URL you know.
Further reading HERE
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