Payment cards seem like the perfect means of payment. In addition, they have one flaw. If you steal a wallet in which you have cash, staying just out of the cash you had thereis somehow fine, but if your wallet gets stolen and you have your credit card there, all your money can be gone.mitch engel law will give you professional advice on how to protect your finances.
Protect yourself from possible abuse
There are many reasons why the credit and debit card has become a popular means of payment and why a number of people who use it is growing. It is very small, practical and very simple to use. You do not have to take care that you have enough cash with you when you go out and you notice something you want to buy. No matter where you are you will have money with you.
They offer us great opportunities of deferred payment, a loan, paying in installments. It is enough to “squeeze” the card through the machine and the desired thing is ours.
The main difference between cards is that there are credit and debit cards. To use the classic debit card, it is necessary that the owner has the money on the account which pays its costs. But with a credit card it is possible to spend money in advance, and obligations are settled later. Great isn’t it?
However, credit cards are not the perfect form of payment. When you carry the money with you certainly, and someone accidentally steals your wallet, you stay only without the money that you have in your wallet, or if your card is stolen there is a possibility to just lose everything.
The proliferation of payment cards, easy availability and use of ATMs, made them extremely attractive object of attack criminals. Modern thieves do not steal wallets anymore they find new ways to collect money.
Payment card fraud
One of the oldest scam is that thieves sometimes monitor the ATMs, and remember the PIN you entered when withdrawing money. Later they will steal your wallet and go to the nearest ATM to withdraw the maximum amount of money before you realize that your wallet was stolen and block the card.
However, cardholders have learned a lot about how to protect their money and in most cases, there are always some numbers available to call and block the card before thieves use it.
The other methods to steal money from your account, are more contemporary. Thieves are generally not trying to steal your card, but only the data that is bound to your name and last name, account number, PIN. These data are “removed” by using so-called “skimmer” devices that read data from a magnetic or so-called “black bars”, and later they enter this information through a card writer into an empty white plastic cards and use them later.