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Paying with credit cards: What about security?

Paying with credit cards: What about security?
Paying with credit cards: What about security? - Image source:

The credit card is one of the most practical means of payment. It can be used at most cash registers, but is also suitable for online shopping and for booking a rental car on vacation. But how secure are credit cards? Why do consumers prefer to use alternatives in some cases, e.g., credit cards? Paysafecard Casinosinstead of using the credit card? Are there security gaps and if so, how can they be circumvented?

Buying online on the Internet ? Payment security

The good news is that the Purchase on the Internet by credit card is becoming increasingly secure. Nevertheless, uncertainty prevails, and many consumers prefer to do without the ominous plastic card because rumors about security gaps keep surfacing. For a long time there were actually some pitfalls and data transmission was not always recommended. In the meantime, however, numerous banks have responded and are ensuring that consumers can enjoy a high level of security when paying by credit card.

Part of the security aspect is the three-digit verification number printed directly on the credit card. Without it, purchases can no longer be made in many stores. If a hacker finds out the credit card number, he can't do anything with it without the check digit, and personal assets are not at risk.

Added to this are encryption technologies that protect against more and more attacks from hackers and are also no longer so easy to outsmart. Consumers recognize an encrypted page by the fact that in the browser bar, on the far left, there is the symbol of a lock. This lock indicates that the page has SSL encryption and that data transmission is therefore particularly protected. Entering sensitive credit card data without the encryption is not recommended. the encryption is not recommended.

Espionage when buying cards ? Scammers are everywhere!

Whether at the supermarket checkout or in the fashion store, credit cards can be used to pay for purchases in a matter of seconds, without any cash in your pocket. Small readers make the process easier, and the technology continues to improve. Whereas until recently it was necessary to insert the card, today contactless presentation and, if the sum exceeds 50 euros, confirmation with pin or signature is sufficient.

However, not entering the pin for small sums has both advantages and disadvantages. On the one hand, it minimizes the risk of curious persons spying on the entry of the PIN and thus getting into possession of sensitive data. On the other hand, a stolen or found credit card can also be used to go shopping for smaller sums.

However, many banks refund stolen money, provided the card was blocked in time. An exception is if gross negligence was involved, which unfortunately happens again and again. Keeping the credit card together with the PIN in your wallet is considered negligent and ensures that the bank will not pay for the damage.

Transparent payments ? this is the data merchants receive

Data protection plays an important role for a large part of the Austrian population plays an important role, and this is another reason why credit cards are often declined. But how much data is actually transmitted when the card is used to pay for a purchase? The merchant only receives a small amount of data, including the credit card number, the type of credit card (Mastercard, Visa) and the date for how long the card is still valid. For example, the merchant is not informed about the name of the person making the payment, unless he derives it from the signature.

The credit institutions themselves do not receive any information about which products have been purchased. Even the major payment service providers such as Visa and Mastercard are only informed about the date, place and time of the purchase, but not about the content. Thus, the rumor that personal purchases are used to spy on the personality is clearly false.

Risk factor of a contactless payment ? what's the deal with data theft?

The possibility of contactless payment has not been around for long, but the rumors about it never cease. It is repeatedly claimed that thieves can tap the data in passing and then use the credit card illegally. The fact is that there are some apps for smartphones that can actually be used to read the credit card number. The validity date of the credit card can also be determined in this way. In the most unpleasant case, the last bookings are even revealed to the thieves, provided that an NFC chip has been installed in the smartphone, but also in the credit card.

The maximum distance between the smartphone and the card's NFC chip is a few centimeters to trigger data transmission. However, there have been repeated cases where it was possible to read the card data through the wallet cover. Here, however, the protective factor of the three-digit identification number on the card comes into play again, because this number is not transmitted despite a data transfer and thus thieves cannot use the credit card to make purchases on the Internet.

Possible debits by strangers?

Another persistent message that persists to this day is that scammers would be able to use a reader to transfer money from a Credit card which is located in the vicinity. This has even been reported on TV, but how is it possible? Basically, it is only possible to charge a credit card if an authorized and registered card reader is used. This means that fraudsters cannot act anonymously, and it can quickly be proven which account the money actually ended up in.

This means that although the possibility of an unintentional debit exists at any time, the probability remains low. After all, a burglar doesn't leave a note with his phone number either, so that the police have less work to do in their investigations. A fraudster who uses a registered card device to book money from other people's credit cards might also head straight for the police station, because his deeds quickly come to light.

Some credit cards can also be an alternative for people with poor credit ratings to the Mini-credit represent. Which credit cards prove to be Cashper and Cashpresso alternative you can find in the linked article.

Conclusion: Credit card payments have become more secure, self-protection plays a role

Payment by credit card can certainly be advertised as secure, both on the Internet and in local shops, but there is also a focus on self-protection. If you carry your credit card with you, you should never carry the PIN in written form at the same time, because then the money may actually be lost in the event of theft. There is no replacement from the credit institution, nor can the perpetrator always be identified immediately. It is good to know, however, that debited funds can generally be reversed over a period of six weeks, similar to a classic direct debit from a checking account.

Secure credit card with free payment term: TF Bank Mastercard Gold

With TF Bank credit card you can borrow money for free up to 51 days. At the beginning you have about 1,000 ? at your disposal. Depending on your creditworthiness, this can be a little more or less. If you pay your installments on time, TF Bank will increase your card limit in the second and third month. On top of that, you get free travel insurance abroad.

Apply for mini credit at TF Bank (credit card)

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