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In recent times, there have been a number
of innovations in the field of credit cards.
There are the developments that make your life easier
like online account management (OAM) but possibly the
most significant have been pertaining to fighting and
preventing credit card fraud.
Credit card fraud is a problem that concerns Banks,
credit card companies and credit card users alike. As
well as the 'old fashioned' problems of losing your
credit card or having the credit card stolen from your
home there are now other concerns. For starters, the
same medium that allows online account management, the
internet, also exposes the credit card user to internet
fraud. Furthermore, the increasing use of 'skimming'
to commit credit card fraud has perhaps necessitated
a technical fraud prevention solution; namely the credit
card smart chip.
The purpose of the credit card smart chip is to make
it much harder for criminals to simply copy (or 'skim')
your credit card. Then there is also the scheme to verify
purchases using a PIN (personal identification number)
instead of signatures. The two fraud prevention measures
are often referred to as the Chip and PIN Programme.
To further give you added peace of mind, it is now possible
to get protection against online credit card fraud in
the event of your credit card being used on the internet
fraudulently. |
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