Credit cards are possibly the most popular financial product in Norway. More and more people are acquiring both one and two credit cards and the total number of financial cards circulating in the market has passed 19 million in 2013. They are not to conclude that most of us spend a significant amount of time comparing credit cards on the lookout after a card that meets our needs. Unfortunately, not all cardholders understand the security aspects of having a credit card. Here we look at 4 incredibly stupid myths about credit cards .
# 1 Credit card cannot be duplicated
The magnetic stripe on your card contains large amounts of sensitive information. Each time you pull the card, this information is retrieved for verification. These days it is quite possible to duplicate credit cards and thus put your card at risk. Cards that have a chip are more secure than a card that only has a magnetic stripe. If you are trying to withdraw money from an ATM without it working (given that you have coverage) and you feel there is something wrong, contact your bank as soon as possible. Your card may have been duplicated.
# 2 No one knows my CVV number so the card cannot be misused
Most of us have probably thought of it, but it is enough that it is fully possible to pay online without and enter the security code on the back of the card. Most often it stays with the number on the cover and the expiry date. In recent years, more and more companies have introduced “Verified by Visa” and “Secure” to limit unauthorized use. How about when you buy things at the store or refuel? If you are afraid that someone will be able to see your security number, you can scrape it away from the card. It is then very important that you remember the number before you possibly do this. It is also important that you are physically present when using your card.
# 3 No one knows my PIN so my card is safe
PIN or not, it is still possible to buy things online. When using your card at the store and ATM make sure you cover it so that no one sees your code.
# 4 What is the meaning of the signature on the card?
The signature on the back of the card is important for the security of the card. What is critical to remember is that a non-signature credit card is an invalid credit card. In fact, merchants are required to check the signature on the back of the card to verify that it is in line with the signature on the receipt. Only if the signature is the same can the merchant make a possible transaction. Most merchants ignore this. As a result, the cardholder does not understand how important it actually is. Always remember and check your monthly printouts at the end of each month.
Let’s say you lose your card on the street. A transient picks up your card and goes straight to the nearest store to abuse your card. In fact, if the signature is not in style your signature can get the money that has been misused back. This is not your fault as the seller accepted a signature that was not authentic. It is therefore important to sign your card.
Credit cards are a helpful tool if used properly. If misused, you could end up in a dire financial situation. Always remember to check your monthly statements so you know what goes in and out of your account.