Protecting Credit Card Information
For most individuals, the use of credit cards has become a way of life. Through the use of a that first cup of coffee from the corner coffee shop can be made, lunch purchased, groceries bought for the evening meal and of course major purchases can be made. Some of those major purchases could include the purchase of airline tickets, motel reservations or the renting of a vehicle.
Therefore, like anything else of value, information should be protected. To understand the importance of this statement it would be helpful to know what information is, why it should be protected and how to protect this information.
What Is Information?
Credit card information is like a fingerprint. It is information that is particular to the holder and identifies that individual as the authorized user of that credit card.
Specifically, information, as it appears on the actual card, is the account number, the individual’s name as it appears on the account, the expiration date, magnetic strip and validation code. The validation code is usually on the back of the card and is a three digit number that is often ask for as proof that the card is actually in the hands of the individual who is using the card to make purchases.
In addition, the personal information of the customer is held on file by the financial institution that issues the credit card. Often this information includes the customer's name, address, phone number, credit limit, Social Security number, employment information, etc. Obviously this information is very confidential and the security of this data should be a priority for the company.
Why It Should Be Protected
There are many reasons why information should be protected. The first obvious reason is to prevent unauthorized use of a to make purchases. This not only protects the consumer, but protects the company and the retailer as well.
However, an even greater reason why information should be protected is that the holder’s identity can be assumed by an unscrupulous individual. The assuming of a person's identity by another individual can have far reaching implications. Those ramifications could include not only making unauthorized purchases using another person’s good credit, but destroying the good credit of that unsuspecting victim. This can be realized when the thief opens new accounts without the knowledge of the victim. This action along with subsequent nonpayment of the account could lead to these actions being reflected on the victim’s credit report.
How To Protect Information
There are a number of ways that information can and should be protected. First of all, it is important that the holder protects those credit cards in their possession. In addition, if an individual loses a they should immediately notify the issuer to immediately close the account. Also, it is important to maintain a record of all information in a safe and secure place.
In addition, when giving out information it is important to be confident that the information provided will not be mishandled. Therefore, only use a secure Internet site when giving credit information. Often Internet sites will exhibit a padlock which indicates that the Internet site is secure. Also, Internet sites will go to great lengths to maintain the security of their web site. Therefore, it is important to look for their assurances of being secure, use of passwords and encryption.
By Bob Taylor
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