Debit Card Fraud Protection Gets Better
One growing method of card fraud and theft is stealing credit card or debit cards and their PIN numbers. Unlike swiping a credit card, not all financial institutions that issue debit or credit cards offer a zero-liability guarantee to users who enter a PIN number. The idea is that the PIN number itself offers security. Unfortunately, that is becoming less true. Today, sophisticated reader devices are attached by thieves to ATM machines, gas pumps, or other devices that accept cards. These attachments do not impede the ability for the real machine to read the card. That way, you have no idea that your transaction did not go as planned. However, your card information has been copied, and coupled with a small camera that watches you enter your PIN, the thieves have everything they need to empty your account. Although it was eventually revealed that the recent breach at Target did not compromise PIN numbers, no one was very sure of that fact in the beginning. In other words, having your card information and PIN stolen is a real risk. MasterCard Steps Up MasterCard announced on May 28, that it will offer (and by extension everyone who issues MasterCards) the same zero-liability …