One of the primary benefits of using credit cards is the purchase protection provided for purchases made with your card. 
While the credit card companies can help protect your interests, it doesn’t always mean they are safe. With identity theft on the rise, consumers need to remain on top of their protection against identity theft that can wreak havoc on your financial life.
There are some optional security features offered by most credit card issuers that consumers can opt into to increase their overall security. Here is an overview of some of those additional features consumers can use for greater assurance in the prevention of fraud and identity theft:
Credit Monitoring Service
Credit monitoring is offered by all major credit card companies for a cost of around $15 a month. The credit monitoring service allows your credit card company the ability to keep an eye on your credit report and score and alert you to any changes. The credit score information comes from the three major credit reporting bureaus and are reviewed on a regular basis with customized alerts being sent out regularly. You even request customized alerts, such as when your credit score changes by 15 points or more.
Purchase Monitoring Service
Purchase monitoring is offered by American Express, Mastercard, Visa, and Discover and is typically free. This service allows the credit card company to use their formula for comparing new transactions against your past purchasing history. If there is information seemingly out of character for your history or information doesn’t add up logically, a red flag will freeze your line of credit until they receive confirmation from you that everything is legitimate.
Identity Theft Insurance
Identity theft insurance is provided by all major credit card companies. The service is meant to cover the costs associated with clearing your name in the event you are the victim of identity theft. The costs include legal fees, wages lost, and even the phone call costs it took to clear the air with your creditors. The insurance requires a premium which averages $15 a month which is billed automatically to your credit card account. Most issuers will issue up to $25,000 in coverage.
Photo Security Protection
Currently Citibank and Bank of America offer this services for card holders where a photograph of the card holder is integrated on to the card for an added measure of security. While it is not totally foolproof, it can be pretty effective against fraudulent card use, especially since most retail stores do not ask for proper identification with card purchases. Your signature is not the only comparison to make especially since it might be easy for people to forge a name but not so easy to forge a photo. If your credit card is ever stolen, the photo may deter thieves from using it.
Temporary Purchase Number
There are currently three credit card companies that offer temporary purchase numbers at no charge for making online or phone purchases. The temporary account numbers are linked to your credit card account and can only be used on your terms. You can set limits or expiration dates for the temporary numbers to keep your real credit card numbers secure from theft. You can generate a new number for every transaction you need to make or create a few for frequently or reoccuring purchases.
Related Posts:
- VaultID Introduces New Security Technology - A new computer chip and biometric fingerprint sensor containing a dynamic account numbering system has been introduced by Vaultid LLC. With this...
- Even With Improved Security, Credit Cards Still At Risk - Merchants are always looking for ways to improve credit card processing technology so they don’t have to deal with the extensive PCI...
- Security Experts Create Disposable Credit Cards - In order to help consumers feel a bit more protected when using their credit cards over the phone or on the Internet,...
- When Credit Card Security Gets Ridiculous - Picture the perfect Valentine’s Day surprise: you plan a lovely dinner, pick out the perfect card, and then go out of your...