How To Secure Your Credit Card – An Overview Of Credit Card Security Features

The most important aspect that discourages customers from opting for a credit card is its vulnerability to a variety of scams. Although, recent technological advancements have ensured that the transaction process using a credit card is secure, it is not entirely safe. Another interesting fact is these numbers are continuously increasing with increased credit card usage. So as to ensure a more secured credit card transaction and prevent the occurrence of identity thefts, card issuers are now implementing various advanced security features with their cards. Some of these features are outlined below.

Credit Monitoring Service: Under this service, all the credit card transactions are regularly monitored including the credit report of the customer. Any changes are duly notified to the customer with the help of customized alerts. Also, all the data is regularly shared with all the major credit bureaus.

Identity Theft Insurance: The most commonly occurring credit card fraud is identity theft. As per the records available with Federal Trade Commission, identity theft cases account for almost 25-30% of credit card frauds. The best way to guard against any financial damage that is caused to a customer as a result of identity theft is to get insured under identity theft insurance policy. All the costs including the legal fees or even the phone bills are reimbursed. In fact, this clause can be added to even a homeowners or renters insurance policy by paying a small amount of money.

Photo Security: Another good way of monitoring the credibility of a credit card is to have your photo on top of the card. Most of the companies offer this service. Photo security would prevent thieves and other people from using the card at any of the sales counters. Also, this is a very effective security measure even if one manages to forge a signature.

Purchase Monitoring Service: This benefit is offered by some of the major credit card companies such as American Express, Discover, MasterCard and Visa. Interestingly, this service is available to customers at absolutely free of cost. Under this service, past purchase history and the existing purchase behavior of the customer is regular monitored by the card issuing bank. Any irregularities in the card transactions are immediately notified to the customer. Also, there are chances of freezing the credit account until and unless confirmed by the customer as legitimate. In case of any fraud, the entire transaction gets canceled including the card number. Another card is issued by the bank to the customer as a replacement.

Temporary Purchase Numbers: Again this feature doesn’t involve any charges and is offered all the major credit card companies including Bank of America and Citibank. In this service, a temporary or virtual credit card number, which is linked to the customer’s actual credit account, is provided to the customer so as to complete the transaction. Even the amount is specified in this virtual card and can be used only within the limitations specified by the customer. Once the transaction gets over, the card becomes invalid. This service is exceptionally beneficial for realizing online purchases.

Opting for all these security measures is entirely at the discretion of the customer. However, one should remember that most of these features are available to customer at certain fees.