Credit Card Protection
Your credit card is extremely valuable and is a constant target for scam artists. It is much like a digital safe and as such can be opened easily with the right key combinations. A criminal does not have to have your credit card in his possession to use it; all they need are the credit card details. Many merchants will have chip and pin protection and some online transactions use an sms verification or similar methods to protect their customers, but sadly these are the exceptions and not the rule.
All a criminal needs to make a purchase with your credit card are your basic details such as credit card number, name, expiry date and your cvv number. The first three are all embossed on your card and can easily be written down, photographed or even stenciled within seconds. The cvv number is the three digit number printed on the back of your credit card which supposedly proves that the card is in your possession. This is used exclusively for online transactions and is never needed when you physically present your card. Even a criminal that clones your card still needs the cvv number in order to process online transactions. When the waiter (prime suspects when it comes to card cloning) checks your signature on the back of the card, they couldn’t care less about your signature – they are reading and memorizing your cvv number.
So the best tip when it comes to safe guarding your credit card from fraud is to get rid of the cvv number. Cover it with paper and tape it down (making sure it doesn’t cover your magnetic strip), otherwise photograph the back of your card or write the cvv number down yourself and store in a safe place and then draw over the cvv number with a permanent black marker. Now your cvv number is safe from prying eyes and even if your card gets cloned, this little action will limit the criminal’s ability to abuse your card.
