Discover How New Technology Helps You Protect Your Credit Cards

Credit cards continue to be popular targets for hackers and thieves. However, companies are responding with new technology to keep your cards safe. By staying informed about these innovations, you can take your power back from criminals and protect your financial well-being.

Take Advantage of These Innovations:

1. EMV Chip Technology

Named after the companies that helped develop the chips (Europay, MasterCard, and Visa), EMV technology is already the standard in Europe and is spreading to other parts of the world. Eventually, all credit cards may have chip technology.

• Security Advantage: The chip inside the credit card is more secure than magnetic strips. It relies on tokenization, which means the card information changes each time you use it. Plus, your credit card number is hidden, preventing thieves from stealing your card data.

• Usage: The chip technology works best for live transactions at stores and other locations. It’s not as effective for credit card use over the phone or online. However, companies are working on ways to improve all transaction security.
  

2. Smart Card Technology

Smart cards can store all of your credit cards, debit cards, and other information into one card. They have miniature computers inside them that let users choose the card they want to use at any moment. However, there are limits on how many cards you can store on a smart card.

• Safety Features: Smart cards use tokenization technology and lock after each transaction, requiring a password to be reentered. This is a useful way of protecting your information if you lose the smart card.

• Development: Smart card technology is still developing and evolving, offering more features over time.

3. Mobile Payment Technology

Mobile payments provide several safety features for users who rely on their credit cards.

• Tokenization: Mobile payment services often use tokenization technology.

• Additional Protection: If your phone is lost or stolen, a thief would need to know your password to get in. Hacking a phone doesn’t always work, and you can purchase apps that lock your phone from a distance.

4. Two-Step Verification Technology

Retailers and other businesses are using two-step verification to add more security to transactions.

• Process: Two-step verification refers to needing multiple steps before you can pay with your credit card or use a service. First, you have to remember your password. Second, you have to enter a special, one-time code that is sent to your mobile device.

• Security Benefit: The one-time codes change every time you need to log in. Unless thieves have hacked your phone, they can’t request a new code.

Staying Aware

Technology will continue to change as credit card companies work to fight hackers and thieves. It’s important to pay attention to any notices you receive from a credit card company because it may be announcing new technology. You may need to take additional steps to take advantage of the new technology.

For example, the growth of EMV cards means your old credit cards will have to be replaced. You’ll soon receive new chip cards from your credit card companies if you haven’t already.

Credit card companies continue to find new technology to battle data breaches. Taking advantage of these new advances will help you keep your credit cards out of the reach of criminals.

At Done with Debt, we understand the importance of managing and protecting your finances. If you're struggling with credit card debt and need professional assistance, our team is here to help you regain control of your financial future. Visit donewithdebt.com to learn how we can assist you in eliminating debt and creating a solid financial plan. Secure your financial future and protect your credit today!