We all can see and feel that technology is advancing at the rate of light. Occasionally it develops so quickly that we can’t keep up with it.
New technologies are emerging every day, but hackers are becoming too, so there’s a demand for solutions which will keep us safe online. So, the war between the bad guys and the good guys keeps on and on as nobody seems to back off.
In the business of finance, this is even more evident. There are so many fraudsters trying to rob you from your cash. They’re coming up with innovative methods to sew the specialists who, then, attempt to devise new security solutions to protect people.
What are these new technologies which could save us or reduce the rate of their success?
In this guide, we are going to list technologies that can help you improve credit and debit card safety.
You might have been issued a credit card or debit card with a computer processor that was micro. This EMV (Europay, MasterCard and Visa) chip triumphed the magnetic stripe and its goal is to reestablish your card transactions. Stripe sends your card number while a special code is assigned by the EMV chip to each of your transactions. If there’s not any need this code expires .
The US has started to implement it although europe was using this technology for almost two decades. This method makes it increasingly challenging for skimmers to steal your card info.
EMV chips aren’t almighty. You’ve got to’dip’ the card into the reader for the chip to get the job done. The stripe will not be able to shield your card’s number, if it merely slides. Due to the simple fact that you have to put in the information of your card, EMV chips not protect online transactions in addition. A method named EMV shimming, which is similar to skimming, is used by fraudsters and can be used to steal your information at point of purchase systems.
Biometrics is a technology that examines and records your features in order to authenticate them. Though we frequently see it in movies as a feature that was futuristic, it’s widely used in contemporary society. Among its usage cases is the finance and credit card industry.
After you register the card into your bank, you store your mic, which is converted to an encrypted template that is digital. Later on, if you pay for an item at a shop, you verify your identity and dip your card. Your transaction will be accepted, if everything goes well. In brief, it is very similar to the technologies that cell phones use for fingerprint unlocking.
Having released an EMV card using a fingerprint scanner, MasterCard appeared as the pioneer in this field. South Africa was the first state where this type of card has been used and it should be analyzed in Asia and Europe as well, this season.
Multi-factor authentication could be known as the’all-in-one’ method of securing card payment. As a user, you’re authenticated via a independent credentials like biometrics, tokenization and password, so as to create a transaction.
On account of the ever-improving hackers’ abilities, it is inevitable that this mix of methods will become necessary very soon.
A CVV (Card Verification Value) number is a 3-4 digit number located on debit and credit cards. It has been static and unchanging. A few firms have recently started to focus on finding a way.
This usually means you have to get a card with you when making a payment. If not, the card information will be false.
The idea is to include a little display in cards that will show the code that is changing. The code will change at a normal time interval and these cards will be quite simple to use ‒ like the ones we use.
This technique will replace credit card numbers with a code containing so as to connect it to a particular account or transaction letters and numbers which is possible to decode by payment chips. This is likely to make card numbers vulnerable to theft and buys will be much more protected.
Tokens will be utilized to support customer requests and ease reporting. Merchants will store tokens instead of managing or keeping unsecured cardholder data on-site.
- RFID Cards
Contactless credit and debit cards utilize RFID (radio-frequency identification) to create secure payments. Examples of such cards are MasterCard’s PayPass and Visa’s payWave, which allow their holders to wave their cards in order to make a transaction.
Purchases do not require a cardholder so a purchase limit per transaction is $50-$100. This payment process is more convenient much quicker and secure.
However, the problem with RFID procedure is that anyone who has an RFID reader and walks by you in the road or on a bus may read you card info.
- Mobile Wallets
Similar to the preceding method, contactless payment is additionally relied on by cellular wallets. NFC (near field communication) technology enables mobile wallet programs to connect the secure credit card data which is stored in your mobile device to the corresponding payment terminal. Therefore, all you’ve got to do is open the app which has your credit card data and transfer it.
Additionally, this app may be used for managing your finances by tracking your spending and registering for buy alarms and digitized receipts. Finally, it can help you store data in your telephone, enhance cellular shopping experience and make better spending decisions.
Internet of Things
The Internet of Things is a rather ambiguous concept for many people but that doesn’t prevent it from developing and slowly but surely entering all facets of our lives.
Simply put, this process will enable you to make obligations and receive financial information just. It sounds sci-fi, but it’s a true thing. You pick up enter a shop and get the order billed to your Amazon account. In some stores, people even cover with Google system.
It remains to be seen to create this method one of the possible answers being the blockchain technology.
There are technology discoveries that can not only improve security, but also make the payment process more convenient and faster. A number of those methods are straightforward and easy, while others are somewhat ambiguous and challenging to grasp.
None of these methods is foolproof. On the other hand, some of them are still in the first phases of development or still being analyzed although A number of them can really contribute to better protection.
We have to see what the future brings and should one or more of these methods is going to outshine of the others. But if you would like to avoid identity theft do not hold your breath, your best bet is to be cautious and keep your personal info, as well debit and credit cards, in a place that is safe.