Credit Industry Offers New Protection From Identity Theft

• New fool proof code system

For years now fraudsters have been having a heyday robbing people blind and ruining their credit. Of course one of their all time favorite tools of the trade has been stolen credit card information. Well finally some credit card providers have finally instituted new protection from identity theft. It’s about time too!

Protection From Identity Theft that Works

This is a three or four digit code that now can be found on the back of most Visa/MasterCard and Discover cards, as well as on the front of American Express cards. The concept behind how this code operates is so simple that you may wonder what took them so long. Anyway the fact is that they have now done it and here is how it works.

No Card No Purchase!

In a nut shell, the code is used to verify that the person making a purchase, either over the phone or the Internet, actually has possession of the card. It basically makes stolen numbers or magnetic strip information all but worthless to anyone who attempts to use it. If they don’t have the actual card they can’t make a purchase.

They Don’t Transfer to Card Receipts

The code enables a seller on the other end of the line to verify information that is cryptographically contained in the code. Also the numbers of this code are not raised, so they’re never recorded on any credit card receipts. Hence; in theory the code will only be available to you the card holder.

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Even Merchants Now Need an Access Code

To make it even more difficult for Internet fraudsters, credit card companies that are using this code system now require all online merchants who want to accept their cards to obtain a security code themselves. It’s a merchants access code that enables them to check your code. There are still other new security measures that are being developed but this one is so simple and basic you have to wonder what took them so long.

The Sad Truth About Identity Theft

Truth is we all have about a 1/20 chance each year of being affected by identity theft. Yep, about 5% of the population each and every year and rising. Keep yourself protected, see exactly what I use for identity theft protection