Orlando, FL — March 31, 2016 - Identity theft is a crime that has been affecting many people from around the world over the past few years. While there are measures that authorities and financial institutions are implementing or using to reduce the risk for credit card owners, it seems that the threat is only becoming stronger.
New credit cards are more susceptible to identity thieves. Today, many U.S. banks have eliminated hundreds of millions of debit and credit cards that have magnetic strips. The replacement is new payment card that contains a microchip called the EMV chip.
EMV is believed to provide enhanced security. However, the FBI has released a warning to merchants, law enforcement, and general public that not a single technology can eliminate cybercriminals.
Thieves and cybercriminals would always find ways to steal payment information. With the traditional credit card, the cardholder’s personal information is embedded on the magnetic strip at the back of the card.
One of the best things about the EMV card is that it could be equipped with the personal identification number (PIN). The PIN is known only to the issuing financial institution as well as the cardholder. It allows merchants to verify the identity of the user.
Unfortunately, not all EMV cards have PIN capability and not all business have PoS terminals that can read PIN entry. While EMV cards are believed to come with enhanced security, the EMV chip does not hinder stolen and lost cards from being used in online, telephone, or store purchases.
What makes it even more disadvantageous is that data from the EMV card could still be stolen if the business or merchant has not upgraded to an EMV terminal. It could also be susceptible to fraud if it is infected with data-capturing malware.
There are, however, certain measures that could significantly help cardholders increase their protection against thieves. According to experts, consumers should safeguard the security of the PINs and EMV cards.
Consumers can do so by simply being vigilant in signing, handling, and activating a card once it arrives in the mail. They should also review statements for irregularities as well as report stolen or lost credit cards immediately.
There several measures consumers can use to increase their protection against fraud and thieves, and some are affordable and easy to use. They can even use the set of RFID blocking sleeves available at amazon.com. These blocking sleeves work by shielding credit cards, passports, and other documents from credit card skimmers or identity thieves (http://amazon.com/RFID-Blocking-Sleeves-Protector-Protection/dp/B0150T0AI2/).
RFID Vault is a brand dedicated to protecting your bank without breaking it! Keep your personal information stored on bank cards, credit cards, drivers licenses and passports safe a secure. We are dedicated to providing quality RFID products and personal customer service.
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