Credit Card Faq - Credit Card Security And Authentication
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Credit Card Security and Authentication: FAQs
Overview
With rising incidents of credit card fraud, phishing, and identity theft, concerns about credit card security are more justified than ever. Misuse of credit cards can cause serious financial harm, making it crucial for cardholders to understand security and authentication measures. Here are some common questions and answers regarding credit card security.
1. How Does an ATM or Store Terminal Recognize My PIN?
Your Personal Identification Number (PIN) is essential for verifying your identity when using a credit or ATM card. When you set your PIN, it is encrypted?"converted into a secure code?"and stored either in a database or on your card’s magnetic stripe.
2. Can Bank Employees Access My PIN?
The encryption employed is known as 'one-way encryption.' This technique allows the bank's systems to verify your PIN using the bank's key without exposing the actual PIN to employees, making it nearly impossible to retrieve it from the database.
3. How Does the Machine Read My Card?
The magnetic stripe on your card contains your account number and identification data. It is made up of tiny magnetic particles. When you swipe your card, this information is sent via modem to an ‘acquirer’?"a company that secures payment authorization from the credit card provider based on your card’s data.
4. Is Buying Online Dangerous?
Surprisingly, your credit card information is generally safer online than when handed to a store clerk. The primary threats to online credit card security are:
- Hacker Attacks: Intruders accessing bank, credit card company, or data repository records can compromise information. Efforts are in place to fortify the security of these repositories, which are more vulnerable than transmission lines.
- Phishing Scams: Scammers may trick you into providing confidential information by posing as legitimate businesses through emails or fake websites mimicking reputable sites like PayPal or credit card companies.
5. How Can I Protect Myself from Phishers?
To safeguard against phishing:
- Never share your social security number or personal information without verifying the requester’s identity.
- Avoid clicking links in suspicious emails. Instead, open a new browser tab and manually type in the known web address to ensure authenticity.
By remaining vigilant and informed, you can significantly enhance your credit card security.
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