An Upgrade in Credit Card Security

Today’s society offers an incredibly advanced system in terms of financial management. People tend to use credit cards more than cash not only for its efficiency but also for security purposes. If a woman’s purse gets stolen, it’s much easier to call and cancel all credit cards than trying to retrieve $300 in cash. It’s also easier to make transactions, pay bills, and check account balances through a couple clicks on the keyboard due to online banking and financial apps for smartphones.

MasterCard has contributed even more to the innovative financial world with its unveiling of the latest high-tech credit card. The article I found takes a look at the latest technology, elaborating on its amazing features.

This new credit card differs from the old in two ways, its display and numerial keyboard. Together these features act as a calculator. They boost security by allowing customers to provide a numerical password, similar to a pin, to authorize purchases.

This new technology also allows for more possibilities for the future with innovators saying, “….and in the future it could incorporate additional functionalities and be able to  indicate other real time information such as available credit balance, loyalty  or reward points, recent transactions and so on”. It simplifies banking functions even more while improving cardholders’ number #1 concern, security.

I think an invention like this is much needed. It’s far too easy for strangers to get their hands on people’s personal financial information today. Customers should be able to make their purchases both online and in person without fear of being the next victim. While the possibilties of banking management have been extremely helpful, they’ve also eased the opportunities for fraud and stealing. A tightening up of security is exactly what consumers need right now and the high-tech credit card can do just that.

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2 Responses to An Upgrade in Credit Card Security

  1. esf17 says:

    Credit cards are one of the best things that have ever happened to me! Besides allowing me to purchase items without cash, it allows me to buy things online from anywhere in the world at any given time. I see a day in the future where cash and coins will be out of date, but as you mentioned, there are issues with fraudulent use of the product. I was a victim myself of credit card theft as I was cited to have bought a $2,000 TV in New Hampshire even though I have never set foot in the Granite State in my life! After a quick phone call to my credit card company the issue was resolved, but if the employees that worked for Visa didn’t spot the miscue the whole situation would have turned disastrous.
    The idea of credit card companies producing these new technologies is extremely important to the future financial safety of our society, and I am all for it. Having a personal pin for each credit card will further enhance credit cards in our society and will greatly reduce the rate of theft with credit cards. I don’t know how much it will cost to implement this new feature and how long it will be before it is available for general use, but I would sign-up for a credit card right away with this capability as soon as possible.

  2. Lee says:

    This technology is cool and all, but i dont think it is very necessary. Everything the innovator said that it could be used for in the future, “….and in the future it could incorporate additional functionalities and be able to indicate other real time information such as available credit balance, loyalty or reward points, recent transactions and so on” could very easily be done on a smartphone.

    As far as security goes, with hackers evolving just as fast as technology I doubt this would really help anything. It may be able to just slow them down, but I dont see it being able to reduce the theft on credit card numbers. PINs arent exactly as secure as people hope they are. Using two is just like putting two locks on your bike, its just one more snap from the bolt cutters.

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