Credit cards are financial instruments and they are important for many people because they give them the opportunity to borrow money instantly from a financial institution. But the use of the credit card is a concern for most people because they will have to pay for it later including the interest.
And there is a concern about the security of the credit card because there may be an identity theft that will allow other people to use your credit card which means that you will have to pay a debt for things that you haven´t buy. In this article we are going to talk about the credit cards with the best security. But first let´s see what is the identity theft and the security risks associated with the use of credit cards
Identity theft and other security risks
When people are going to use their credit cards they have some security risks that may concern them. Let`s see what those risks are: In first place we have identity theft, this is a concern especially in online transactions with the credit card; the risk is that your social security number and your birth date and make fraudulent activities with that. For example if they have your information they will be able to use your bank accounts to fund criminal activities or use your credit card.
In second place we have credit card fraud which means that if someone has your credit card and the code he or she will be able to make purchases with your card without your authorization. That will impact your balance and if you don`t unable your card the person will be able to keep making purchases. The problem is that you will have to pay the balance if your card provider don`t remove those charges.
In third place we have errors and unauthorized charges because if you use your credit card to pay something there may be an extra charge and you may not notice it until you check your balance. But there may be errors in the platform when you make a purchase and they may charge it twice; that will impact your balance and you will have to ask your card provider to remove the charge which will take some time. So, those are the major security risks or credit cards use. Now let`s see what are the credit cards with the best security.
Credit cards with better security
In first place we have the Bank of America cards because BofA provides with a good service of alerts for different things which will allow the card holder to control the activity on the credit card and detect an unauthorized purchase. Bank of America uses the location of the phone of the credit card holder and compares it with the location of the purchase to know if the card holder is the one that is making the purchase.
The bank also offers a mobile app to get the alerts and they also have recommendations for their customers with security tips for the use of their cards. Some of them are updating the contact information; use strong passwords and memorize them and avoid buying on suspicious websites. They also use Visa credit cards which means that you have the security of the Visa platform and the security of the Bank of America platform
In second place we have the USAA credit cards because they have the best score for fraud prevention and they are constantly looking to improve their platform and security to prevent fraud events.
The security and fraud alerts program of USAA will inform you about suspicious transactions and they will send you a message or they will call you to confirm the transaction. That will prevent fraudulent transactions but if you are checking your balance and you notice an unauthorized transaction then you can report it to investigate it.
In third place we have Wells Fargo credit card; the Wells Fargo platform is one of the best to detect frauds because they will inform their customers about every transaction in the credit card which makes easy for the customer to know when the card is use without their authorization.
They have a plan to protect their customers against unauthorized transactions that consist on online security guarantee and zero liability protection which means that you will be able to get your money back if you report the fraud quickly.
In fourth place we have Sun Trust and their ability to resolve fraudulent transactions because they make a big effort to help their customers and make them recover their money. They have multiple characteristics to prevent fraud and help their customers like a mobile app to send you alerts but they can send you the alerts with an email or a message; they have EMV chip technology; zero liability protection in case of fraud; one time passcode and many others. But the best part of Sun Trust is the efficiency to attend the fraud transactions once the customer has made the report.
There are different options in the credit card industry to find the one with the best security program but that is also a matter of the card holder to keep their credit card secure; they should be careful with its use and store it in a safe place.
There are some innovations in security coming for the credit card industry like a card with a built – in system that needs a password to activate the card. Some banks have something similar but with an additional cost and consists on a device that is constantly providing a new security code for the credit card and it is also available for debit cards. But overall the use of credit cards is safe thanks to the platforms but the risk of fraud will be always present.