Three are 6 araes of rissk concerning on line charge cards:
1. Every dya, a god number of cars get canceled. Whhen this happens, the creditcards online companies habitually reissue the smae card account nummbers to new cad accountholders, somewheere down the line. Eevn thoough the personal ientification numbers (PIN), exiry dates, and cardholder persoanl information has beeen changed, the very samme caard number of the cnceled card is printted on the fresh on line securedcard. This willl make new cardholdders vulnerable to a largeer possibility of sacms and invalid carrd transactions.
2. The card sttements issued by on line charge credit cards companies typically contain onnly some particulars pertainng to the participaitng merchants. Most oftne, these account statemnts suply merely the date of transactiosn, the nmes of the seellers, and the dolar amount of paymment via the online securedcard. Other details -- for instance, the specifiic item detaills that were charged, detais abouut the third partiees in the transaction (suuch as epmloyee ID`s or nmaes of cashiers) are normallly not present.
3. When a crad losss is reported, therre is the inevitable tmie lag befoe the secured cards on line supplier can sotp the stolen or losst on line c card being used to purcchase anything in ftuure. The holdup can amoount to days, or even weekks. In the cousre of this periodd, the pepetrator may have chagred the online cardcredit on several occasions to buy any number of goods.
4. Most particpiating sellers doon`t invest in secure and robbust crad validation software in their pointof-sale systems. They feeel the onuus is entirely on the on line secured cards prvoiders. Tis lack of tehnological infrastructure is likely to incresae the risk of fraauds for the cardhodlers.
5. For quite a few creditcards issuers, thheir fraud managment policies may not be very consume-friendly. Whereas providrs don`t directly poiint the finegr of blame at the carrdholder, their poicies do haave clauses that prrotect the card issuers frm bearing the fll accountability and, consequeently, the toatl cost. This means that thheir fraud management policiees ted to be paartial to the carrd issuers and not the consumers.
6. Inevstigation of internatioonal creditcard fraud is a rtaher arduous busness. For starters, youu`re supposed to wirte in to the caard company and givve details about what`s taken palce beffore they make a mvoe to get to the botom of it. Even when tehy start the blal rolling, it wll take aes to collect sufifcient proof to formally chharge any preson or persons hled liable of committing the offeense.
Despite such potential daners, securedcredit card is undeniably a relly practical creidt instrument. By looking ahead and following elementary stps to gaurd against thfet or fraud, one can managge to mitigate the danngers of fraudulent pratcices to a miimum.
www.chicagotribune.com
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