Guide on Security Features of Most Credit Cards against Losses, Unauthorized Transactions & More
CREDIT CARDS – Most credit card providers made sure to boost the security of their finance products against losses, unauthorized transactions, and a lot more.
A lot of people most especially first-time credit cardholders are worried when it comes to the idea of using their credit cards for online purchases. The worries came amid the previous claims that some cardholders were victims of fraud. Meanwhile, the security of most credit cards now have reached a whole new level.
In fact, one of the major benefits of having a credit card is an added layer of protection when shopping online or making payments. A lot of credit card providers use a different card number in their cards to ensure the safety of the accounts.
EMV Chip Technology
Also, most credit cards are equipped with an EMV chip technology which stands for Europay, MasterCard, and Visa. This small microprocessor boosts the cards protection against fraudulent and unauthorized transactions.
CVV (Card Verification Value)
Some credit cards also come with the Card Verification Value or the CVV, a three-digit code located at the back of the credit card. It is usually used in verification purposes when using the card through online or phone transactions.
Two-Factor Authentication (2FA)
Many banks also equiped their credit cards security with a Two-Factor Authentication (2FA) which is most beneficial when doing online transactions. It involves a log in with a user ID and a password for added protection.
Transaction Alerts
Banks also keep the cardholders updated with the transactions using their cards through transaction alerts. It is usually via a text message or an email for every transaction using the card.
Consumer Protection
Several credit cards are also come with consumer protection coverage on products and services charges to the card.
