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Avoid paying your restaurant bills by credit cards!
It looks strange but it is a reality. Almost everyone pays restaurant bills by a credit card. But there is a rising danger of skimming. It means stealing your credit card information for fraudulent use.
A restaurant is the only place where your credit card is taken away from you for processing. The waiter takes it away from your eyesight and brings it back after some time. While swiping the card towards the payment of your bill, he swipes it one more time in a skimmer. The information on your card then goes to a thief and he acts promptly to take away your finances.
Many credit and debit cards are now issued with Radio Frequency Identification Chips (RFID) installed in them. This technology replaces the traditional method of magnetic strip. The old strips provided an extra layer of encryption. Apparently, these new cards are not encrypted ‘enough’. The radio frequency signals are very strong and they can go through envelopes or even through wallets, making it easy for the thieves to capture your details.
The creators of these cards argue that even though the credit card number is stolen by skimming, the thieves are not able to trace that three digit number at the back of your card.
Well, many online websites accept the payment without asking the number at the back of the card. And once the thieves take out the credit card number and other details like name and address, they can request the credit card issuer for change of address. This can be done easily by filling a form for change of address. And their actions are so swift that before you receive your next statement, the entire available credit is used.
So what you need to do?
- When you are offered an upgrade of your existing card to a RFID card, you should contact your credit card company and ask a lot of questions on the security aspects of this card. You should also ask about the policy of the company if someone misuses your card number. You have to be bold while asking these questions because your identity as well as your financial life is at stake.
- Lock your mailbox promptly – You need to take care of your mailbox. Your letters can be stolen within minutes of their arrival. Even without taking away your credit card envelope, the thieves can use the skimming technique for taking out the details. You will not know about it till your money is drained. So you should limit the access of your mailbox to yourself.
- Buy a new secured wallet – There are new RFID shielded wallets available in the market. If you feel that you are one unable to prevent an attack on your cards in an open space, you should spend a small amount of money to have peace of mind.
- Hire a monitoring agency – You can ask for the services of a monitoring agency which will be working 24/7 to protect your identity. They will use an advanced technology to search the entire Internet and other public records to ensure that your social security number, credit cards or other debit cards are not used fraudulently in any way.
New technologies always provide additional conveniences. However if such convenience is compromising your security, you should not neglect such serious threat.
About the Author
Chintamani Abhyankar, is a well known expert in the field of finance and taxation for last 25 years. He has written many books explaining inside secrets of the magic world of personal finance. His famous eBook Stop donating your money to IRS which is now running in its second edition, provides intricate knowledge and valuable tips on personal finance and income tax.