If you are like most responsible credit card holders, your financial security is always a concern. I know that keeping my personal information safe and secure is a top priority for me. After all, it only takes a few simple security breaches for someone to completely steal my identity. The same is true for you.
With so many headlines screaming out at you about the large scale breaches taking place with major businesses and financial institutions, it is getting more and more difficult to feel comfortable with sharing your information – particularly when it comes to applying for new credit cards and loans or when even using your credit card. “Is it safe to use my credit card on the Internet?” you wonder. Should I just go back to using cash and try to take myself “off the grid” so I don’t have to worry about someone stealing my identity and running me into debt?
These concerns are definitely warranted. In fact, a 2005 study entitled “Payments Fraud Management: Analysis Beyond the Transaction” showed that credit card fraud has cost approximately $1.7 billion to date. This number is expected to reach $1.8 billion by 2009. Thankfully, the credit card industry is hearing these concerns and is responding in a big way. According to a recent report, credit card executives have decided to band together and fight against these breaches in security in order to provide you with a safer credit card experience. Of course, this is a matter of good business for the executives. After all, the less people trust using credit cards, the less they will use them. The less people use them, the less money credit card companies make.
Luckily for us, this is one of those business moves that is also beneficial to the consumer. As credit card companies band together, they are finding ways to stay one step ahead of fraudsters – who can be quite creative when it comes to getting their hands on our money.