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Went to PriceSmart yesterday and used our credit charge card. First surprise was the dollar amount of purchases was less than $50. (Probably a first!) A second surprise: no signature needed when the charge amount is $50 or less. Question is——how many charges of $50 or less can be made in a short time!

My friends tell me there is a major problem with credit card fraud. Some suggest a fingerprint or facial picture is a necessary solution. But what about folks with a “have no fingerprint” issue. Then I look at my picture on my driver’s license, etc. and wonder if I really look like this!

What’s the answer. Cash only? How much money do I have in my pocket at all times? Go to bank daily to get more cash?

Any ideas?

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Here are some thoughts...

Signature on a credit card transaction has never been much of a security feature and it has become totally irrelevant with the technology of both the magnetic strip and now the embeded chip in debit and credit cards.   Technology has moved well beyond the old days of manual record keeping, done by hand and with a signature added to help mark the paper trail.  We have gone from signatures to magnetic strips and now to the embeded chip (EVM) for transaction security.

That is not to say that the chip technology (EVM) has solved all the security issues.   While they are encrypted and very difficult to forge, there are still ways to beat the system.

The best practice is to always pay with a credit card, never a debit card.  This protects you because the credit card company is the one taking the hit if it gets lost, stolen or used without your authorization.  On the other hand, with a debit card YOU are taking the hit if it gets lost, stolen or used without your authorization.  Only use your debit card at a ATM to get cash.

As technoloy continues to advance you will see other forms of payment such as using your cell phone (Apple Pay and others).  Biometrics are being used as a form of security but this is not yet widely adopted when being compared to the EVM chip technology.

One of the biggest issues of using biometrics (fingerprints, iris and retina, facial recognition, etc) is that they are not private.  You leave this information everywhere you go.  Once they are copied, they can be used to defeat any security using them.   Also, you do not have the ability to change them if they are stolen, copied or used against you.  So while biometrics may seem like the future answer to security, that system is very flawed and still evloving.

Best practices: 

1.  Alway have some cash on hand. 
2.  Always use a credit card, NOT a debit card when making purchases.
3.  Check your credit card statements and report suspecious activity quickly.
4.  Do not keep large amounts of money in an account that has access by a debit card.

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1 hour ago, Twin Wolf Technology Group said:

 

1 hour ago, Twin Wolf Technology Group said:

 

Best practices: 

1.  Alway have some cash on hand. 
2.  Always use a credit card, NOT a debit card when making purchases.
3.  Check your credit card statements and report suspecious activity quickly.
4.  Do not keep large amounts of money in an account that has access by a debit card.

2

 

 

Sound advice!

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21 hours ago, Twin Wolf Technology Group said:

Here are some thoughts...

Signature on a credit card transaction has never been much of a security feature and it has become totally irrelevant with the technology of both the magnetic strip and now the embeded chip in debit and credit cards.   Technology has moved well beyond the old days of manual record keeping, done by hand and with a signature added to help mark the paper trail.  We have gone from signatures to magnetic strips and now to the embeded chip (EVM) for transaction security.

That is not to say that the chip technology (EVM) has solved all the security issues.   While they are encrypted and very difficult to forge, there are still ways to beat the system.

The best practice is to always pay with a credit card, never a debit card.  This protects you because the credit card company is the one taking the hit if it gets lost, stolen or used without your authorization.  On the other hand, with a debit card YOU are taking the hit if it gets lost, stolen or used without your authorization.  Only use your debit card at a ATM to get cash.

As technoloy continues to advance you will see other forms of payment such as using your cell phone (Apple Pay and others).  Biometrics are being used as a form of security but this is not yet widely adopted when being compared to the EVM chip technology.

One of the biggest issues of using biometrics (fingerprints, iris and retina, facial recognition, etc) is that they are not private.  You leave this information everywhere you go.  Once they are copied, they can be used to defeat any security using them.   Also, you do not have the ability to change them if they are stolen, copied or used against you.  So while biometrics may seem like the future answer to security, that system is very flawed and still evloving.

Best practices: 

1.  Alway have some cash on hand. 
2.  Always use a credit card, NOT a debit card when making purchases.
3.  Check your credit card statements and report suspecious activity quickly.
4.  Do not keep large amounts of money in an account that has access by a debit card.

 

Twin Wolf, you always post helpful information (factual, plain-talk, easy to understand, and provides thoughtful points to consider). Good stuff.  Thanks.

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