Manchester, NH — September 21, 2016 — Today, banking institutions and the authorities are using measures to ward off credit card criminals. While consumers are given information on how to increase their protection against these crooks, it seems that thieves are still doing a great job in the line of work they engage themselves into.
Credit card fraud is believed to worsen soon. The efforts to make the offline use of debit and credit cards more secure have resulted in the increase in the rate of online fraud.
Credit cards nowadays are equipped with the RFID-technology, which is believed to put an added security to the cards. This RFID chip is embedded in the card and requires a PIN during purchases or when the card is used offline.
The RFID technology is intended to make credit cards safer and detect fraudulent usage better. PINs are thought to add another layer of protection, and this can reduce the risk of fraud. Unfortunately, crooks are turning their attention to online crimes.
The European financial institutions have introduced the EMV (Europay, MasterCard, and Visa) technology, which is now widely used in around 14 countries. Since the deployment of cards with this technology, there has been a surge in online fraud.
According to statistics, around 99 percent of consumers and businesses have been utilizing the EMV technology. There hasn’t been any doubt in the ability of this technology to reduce offline credit card crimes.
Douglas King conducted a study called “Chip-and-Pin: Success and Challenges in Reducing Fraud.” This study reveals that after the EMV technology was used in credit and debit cards, the rate of offline fraud plummeted to 3.5 basis points.
Today, online credit and debit card fraud has already become a nightmare. The rate has even doubled from the days when EMV was not introduced yet.
When the security features of credit and debit cards have increased, it made fraudsters smarter. Since offline credit card crimes have become tougher to commit, they turn to stealing online. Thieves use measures that made it extremely difficult to tell the difference between a thief and legitimate card user.
While more and more fraudsters are turning to online credit card fraud, it is undeniable that offline credit card thieves are still highly prevalent nowadays. This is due to the wide available of card skimming devices that can easily read credit card information.
There is a set of RFID blocking sleeves that are extremely popular among card holders. These sleeves are designed to block the card skimming devices typically used by criminals. The RFID blocking sleeves can be purchased at amazon.com. (http://www.amazon.com/rfid-passport-sleeve-protector/dp/B0150T0AI2).
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RFID Vault is a brand dedicated to protecting your bank without breaking it! Keep your personal information stored on bank cards, credit cards, driver’s licenses and passports safe a secure. We are dedicated to providing quality RFID products and personal customer service. Learn more at http://www.myRFIDvault.com
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