Image by eliazar via FlickrI was dumbfounded to hear a recent news in my country that two crooked man fraudulently bought air tickets by using someone’s credit card.When the card-holder received a sms over cell phone from the airlines company, this gentleman immediately jumped up and call for an genuine explanation from that airline company.
The concerned company fast realized the blunder it has done and quickly traced and nabbed those culprits with the help of local police.
Obviously the defaulter airliner company paid all the expenses, made out of his credit card account, back to that gentleman’s account. But had he received the sms a few hours later, he would have been paying back a hug amount of credit card debt. Credit card fraud and/or hacking are growing fast with the increase of internet uses and corresponding online shopping.
Even Microsoft chief, Bill Gates wasn’t spared from credit card fraud.It was way back in Feb,2000 when a 19 year boy from Clynderwen, in West Wales hacked Mr.Bill’s credit card data and ordered a consignment of viagra. Gray was also nabbed later-on.
Although we cannot deny the blessings of credit card, or someone call it plastic card, on us and discourage its use especially during online buying of products and services as it is often more advantageous than the other form of payment. I am saying these all from my personal experiences since the last few years. Sometimes I hear negative comments from people of all walks of life, that they are compelled to reveal most of the vital personal info to completely unknown online websites without verifying their authenticity. They think, they are exposed to enormous potential threats or risks in financial terms and credit card companies are doing nothing much concrete about proving stringent security measures, but collecting their profits. Personally I respect their concern(or your’s, if you hold these views) about misuse of their cards online or sometimes offline.
I think credit card companies need to concentrate more in this area in bringing about most advanced security systems, particularly online.You may be wonder that Visa International had to digest a cost of nearly eu25000.00 due to frauds or hackings.Platic cards(such as credit,debit or ATM) fraud is growing at an alarmingly rate and already reached more than billion of dollars ventures in US,UK,Canada,India,China etc
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To your secured future
Kaushik
