The Credit Limits Are Different Worldwide

Category: Finance, Credit.

The credit card seems to be one of the most popular ways to make any kind of payment. The credit card owner has user friendly accessible credit but he also has the ability to keep track of his expenses.

It is easier to purchase goods or pay taxes or bills using it. And who doesn t need to check the personal expenditures or track the expenses for taxes and reimbursements? There is also a large variety of repayment possibilities, such as the automatic payment from the owner s bank account or many other perks. The credit limits are different worldwide. There are rewards schemes to earn points when the cardholder purchases goods. This is the consequence of some fraudulent transactions made when the owner s credit card was stolen or lost. In the United States, United Kingdom or France, the amount for which the consumer is liable is limited.

The great disadvantage of the credit cards is their low security. There is a real market in credit card numbers being stolen. This low security opens many opportunities to different kinds of fraud. They are used shortly after the credit cards are reported as stolen. Many frauds are made through the Internet. It is impossible to eliminate the fraud possibilities for the credit cards, and all the efforts are made to reduce the consequences. The credit cards number is taken from retailers, offline or online.

If a cracker manages to read these databases, the fraud is inevitable. Company databases are also a great source of credit cards numbers. But where is the real source of fraud possibilities? The websites are using SSL, encrypting the credit cards numbers. It seems like the poor implementation of the credit cards acquisition is the most important. But somewhere, there is a person who is introducing all these credit cards numbers manually. The systems such as Clear Commerce are solving this problem.

There are credit card numbers that are human readable and this is the major security risk. Encrypted credit cards numbers are sent directly to the payment system. Therefore, it is really difficult to pursue those criminals. In the United Stated, the FBI is responsible for the prosecuting those who are making credit cards frauds. The target is formed by those who are guilty to fraud more than$ 500The newest credit cards features made to improve their security are important, but the frauds number is still important. The four digits PIN( Personal Identification Number) is known only by the cardholder. These features are the PIN, the new credit cards material and the new number on the back of the credit card.

The cards are made using a special material, which makes the fraud more difficult. This new number is used in the transaction of type card not present. Many credit cards have now another three or four digits number on their back. A successful way to prevent the frauds is the use of the one time disposable credit card numbers. These numbers can also include custom limits for the transaction amount. These numbers are generated for each transaction.

The most important feature seems to be the short term expiration date. One time single use numbers are the best solution to avoid frauds and give the customers to have the entire control on their transactions. Many reputable online vendors are advising their clients to subscript to renew the credit cards numbers and support the necessary charges.

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