Credit cards are great, but when they fall into the hands of hackers and thieves then?
Credit card companies seem to rely on making up for hacked and stolen credit card usage by charging higher interest rates for their card users. If they spent some energy on making the use of stolen and hacked credit cards more difficult to benefit from, it might make these credit cards less attractive to the bad guys, as well as significantly reducing the fraudulent charges.
They could also spend more time being able to trace the use of these cards, and track down either the original criminal or ones that they sold their stolen cards.
What surprises me in most stores when you use a credit card, you are not asked to show any type of identification-it has been like this for years. Unless the store clerk knows you, how does he know that you are the actual card holder? Probably what a person can do is notify the bank that his card has been stolen, but rather than shutting off the card, keep the card active and if somebody uses it, the bank can trace where the card was used and maybe catch the person
Hopefully the credit card won't hold you responsible for the fraudulent charges (at least that is the idea in theory), I've never had to deal with it so can't speak from experience.
I guess this is a benefit of keeping your limit low (something around $1,000 should be sufficient for your month to month expenses that you might put on the card (thinks like rent/mortgage/other big payments generally charge a credit card free for payment).
Yes, keeping the limit low is a good idea.
But the problem of the credit card companies not enforcing more security in the transactions costs us all in the long run, because they have to raise their fees and interest rates to offset these losses.
Many people share your concerns... I wrote a short hub that offers answers and alternatives to various credit card frustrations.. including stolen and hacked cards. Hope it helps!
by Gous Ahmed 7 years ago
If you pay off credit cards by getting a loan out, aren't you in the same position still?Maybe a loan won't have interest increase like credit cards, but what is the best way to get out of this situation for good?
by Joms2011 7 years ago
I could hardly imagine how some would have lived with it !?
by Davinagirl3 7 years ago
My husband and I are looking to buy a house in the upcoming year. We have run into some trouble looking for a lender because our credit is, for lack of a better term, crap! I am looking for ideas on how to raise our scores. We pay our bills on time, so that isn't the...
by Rebecca Graf 8 years ago
What questions would you like to see answered about credit card debt?
by Gary Anderson 8 years ago
I just wrote a hub on this, but what I want is to have a discussion here. This is the issue: the senate voted on 5/19 to forbid the states from setting caps on interest rates for credit cards. The injustice of this is that the state in which the credit cards are issued, namely South Dakota and...
by blueorpurple 7 years ago
Credit card or cash! what should I use more?
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