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[10/15/2007]
Credit cards have always been a target for criminals. All the latest reports in mass media on credit card information fraud or identity theft say, that credit fraudsters easily fool banks. They can make the most complicated malicious purchase as if it was an easy puzzle for children.
Fraudsters use different methods for their vicious purposes: from phishing and hacking your computer to compromising web-sites and just stealing in shops. No matter what security actions are taken, it seems that fraudsters are always three steps ahead. But one of the professors at the Massachusetts Institute of Technology suggested something that won't please criminals at all.
Radio transmitting microchip tags, embedded into a credit card, can significantly improve the level of security. Using such cards to make purchases in a shop will be easy and safe. You just wave a card in front of a special scanner and that is it! No more signing paper checks and no more giving a card to a shop assistant. You are finished in five seconds!
How do these radio tags work? RFID tag - that is how it is called - is a small transponder that sends low-power radio signals to the special antenna. The information stored on RFID tag, incorporated into a credit card, contains signature and other credit card information. Sophisticated coding methods make each transaction unique. If someone manages to read the signal it will be of no use. Which is more the card never leaves your hand. Thus, it is protected against dishonest merchants.
This system of authorization was tested by MasterCard and American Express. The results showed that customers truly enjoyed making purchases with credit cards that have RFID tags. It is simple and quick. You do not have to wait for authorization. But some financial experts believe there are hidden pitfalls. These cards can encourage spending sprees and can lead to increase of credit card debt.
As long as we investigate the matter further we can see, that maybe Professor Selker from Massachusetts Institute of Technology was not absolutely right. Technology experts say there are even worse disadvantages of this security system. The credit card can be easily detected when you are not using it. It means that your wallet can become a tracing device for authorities and fraudsters. So, in California there was even a law passed that gives a cardholder the right to turn RFID tag off when needed. This is true not only in California. You do not need to cut this tag out. Just switch it off.
This new sophisticated security system makes it impossible for credit card fraudsters to copy your signature or steal your credit card information. But it does not protect from stealing a card. As long as a thief has your credit card with embedded RFID tag, nothing will stop him or her from making payments with your card that will take only five seconds! Quick and simple!
Advanced technologies are trying to make credit card deals more secure but they do not always succeed.
Copyright © 2008 www.acclaimsecuredcards.com. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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