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In the modern world, more and more innovative payment technologies appear, which at first glance seem to be very convenient and useful. However, doubts about the security of such solutions constantly plague users accustomed to cash, and do not allow them to fully take advantage of the benefits of payment innovations. MasterCard decided to dispel some of the myths associated with electronic payments and explain the possible fears of users.
Myth 1 : Credit card fraud is out of control and is on the rise.
Truth : Joint efforts by payment market participants to improve the security of payment systems have significantly reduced the incidence of credit card hacks. However, while payments have never been safer, scammers have never been smarter. Therefore, companies around the world are actively collaborating to address key security issues. In any case, electronic payments remain one of the safest payment methods.
Myth 2 : Cash is a secure, anonymous solution.
Truth : Cash is the least secure form of payment. In the event of theft, they can be used by anyone without the need to verify their identity.
Myth 3 : Chips and PINs are a panacea for fraud.
Truth : There is no one-size-fits-all solution to completely stop payment fraud. However, the technology of payment cards has several layers of protection, which allows you to detect and eliminate threats. Chips and PINs are just one example of a layer of protection to help fight threats.
Myth 4 : Security remains the biggest issue stopping consumers from shopping online.
Truth : Shopping on the Internet can be intimidating for just the novice Internet user. Today, there are several technologies, such as MasterCard SecureCode, that allow online merchants to provide another layer of transaction security by asking the user for a password known only to him.
Myth 5 : When shopping online, the more information I enter, the more secure my purchases will be.
Truth : Online retailers choose how much information needs to be entered to confirm a purchase. Ideally, they will ask you to enter the three-digit CVV code located on the back of your card.
Myth 6 : Fraudsters can scan a contactless card even through the walls of a bag or from a distance, gaining access to my billing information.
Truth : Thanks to the advanced encryption technology microchip embedded inside the card, it is extremely difficult to copy the contactless chip and create a functioning counterfeit version of the card. A fraudster can only gain access to a minimal amount of information, which is not enough to complete any purchase.
Myth 7 : By intercepting contactless card data, criminals can create a fake contactless card and then use it to complete transactions.
Truth : Contactless cards work only in the immediate vicinity of the cash register and provide only a minimal amount of information about the account holder. In such situations, it is impossible to clone a card.
Myth 8 : Fraudsters can electronically obtain information on my card / device in order to further steal my personal data.
Truth : There is a clear distinction between identity theft, where consumer information is fraudulently leaked to another person and used for criminal purposes, and payment card fraud, where compromised card information is used to make unauthorized purchases. Since contactless cards send a minimal amount of information, there is very little risk of actual identity theft of a user.
Myth 9 : Information about my card expenses can become known to everyone.
Truth : All cost data is anonymous, aggregated and cannot be traced by individuals. If you receive cold calls from unknown merchants, be sure they did not receive your details from a payment provider.
Myth 10 : Prepaid cards are not safe because if they are lost or stolen, all the money on the card is lost.
Truth : If you are concerned about the security of your card, prepaid cards may be a good solution for you because they are not linked to your bank account and are PIN protected. Prepaid cards can also be used for online purchases.
Myth 1 : Credit card fraud is out of control and is on the rise.
Truth : Joint efforts by payment market participants to improve the security of payment systems have significantly reduced the incidence of credit card hacks. However, while payments have never been safer, scammers have never been smarter. Therefore, companies around the world are actively collaborating to address key security issues. In any case, electronic payments remain one of the safest payment methods.
Myth 2 : Cash is a secure, anonymous solution.
Truth : Cash is the least secure form of payment. In the event of theft, they can be used by anyone without the need to verify their identity.
Myth 3 : Chips and PINs are a panacea for fraud.
Truth : There is no one-size-fits-all solution to completely stop payment fraud. However, the technology of payment cards has several layers of protection, which allows you to detect and eliminate threats. Chips and PINs are just one example of a layer of protection to help fight threats.
Myth 4 : Security remains the biggest issue stopping consumers from shopping online.
Truth : Shopping on the Internet can be intimidating for just the novice Internet user. Today, there are several technologies, such as MasterCard SecureCode, that allow online merchants to provide another layer of transaction security by asking the user for a password known only to him.
Myth 5 : When shopping online, the more information I enter, the more secure my purchases will be.
Truth : Online retailers choose how much information needs to be entered to confirm a purchase. Ideally, they will ask you to enter the three-digit CVV code located on the back of your card.
Myth 6 : Fraudsters can scan a contactless card even through the walls of a bag or from a distance, gaining access to my billing information.
Truth : Thanks to the advanced encryption technology microchip embedded inside the card, it is extremely difficult to copy the contactless chip and create a functioning counterfeit version of the card. A fraudster can only gain access to a minimal amount of information, which is not enough to complete any purchase.
Myth 7 : By intercepting contactless card data, criminals can create a fake contactless card and then use it to complete transactions.
Truth : Contactless cards work only in the immediate vicinity of the cash register and provide only a minimal amount of information about the account holder. In such situations, it is impossible to clone a card.
Myth 8 : Fraudsters can electronically obtain information on my card / device in order to further steal my personal data.
Truth : There is a clear distinction between identity theft, where consumer information is fraudulently leaked to another person and used for criminal purposes, and payment card fraud, where compromised card information is used to make unauthorized purchases. Since contactless cards send a minimal amount of information, there is very little risk of actual identity theft of a user.
Myth 9 : Information about my card expenses can become known to everyone.
Truth : All cost data is anonymous, aggregated and cannot be traced by individuals. If you receive cold calls from unknown merchants, be sure they did not receive your details from a payment provider.
Myth 10 : Prepaid cards are not safe because if they are lost or stolen, all the money on the card is lost.
Truth : If you are concerned about the security of your card, prepaid cards may be a good solution for you because they are not linked to your bank account and are PIN protected. Prepaid cards can also be used for online purchases.
