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The Pros And Cons Of Credit Card Security

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Recently, many people have focused on credit card security. The credit card as a payment and financial instrument, it does separate purchases and payments (Berthoud and Kempson 1992). Many banks provide many kinds of credit cards, for example, LLOYDS bank actually have 10 types credit cards for different customers. However, when people are enjoying the convenience for using credit card, they almost forget these potential problems on credit card security. Specially, online credit card fraud, organized crimes for credit card and lost/stolen card, when people found someone stole their accounts, maybe it was too later. Therefore, this essay will analyze reasons why credit cards are existing on some security problems and it will provide some solutions …show more content…

And the bank need to change appearance of credit card, they can use chip instead of holograms for increasing security of credit card. Because the chip card is able to identify customer’s personal information through the chip when this card pit in the payment device. On the other hand, the bank need to make some relevant education guidance to customers (Balan and Popescu 2011), it can help them to safely use their credit cards. Furthermore, the bank staff have responsibility to check ATM whether have matters or not on time. Finally, if customer lost or stolen their credit card, first they need to call the bank for freezing their account. The key is that customers should open message’s verification function when they cost or withdraw much money through credit card. These reasonable measures are able to help customers protect their credit card securities. But these measures also have more difficulties on some actions, for example, enacting law is not an easy thing. There need to make more efforts on many aspects. And for customers, relevant education guidance on credit card and add to new function on their phone are not available ways, possibly, because some people are not able to do any changes and then the bank do not force them to change. So maybe this measure is not have helping to prevent credit card fraud.
In conclusion, maybe these measures are reasonable ways on preventing credit card frauds. These problems of credit card fraud are still existing on people’s life. However, this essay offers one direction on preventing credit card fraud, these solutions will help customers validly prevent credit card frauds and protect their credit card accounts

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