Criminals steal your debit card account number and personal identification number with the checkout machines in department stores, supermarkets, gas stations and even your doctors’ office to make unauthorized purchase. Id Cuffs help you to avoid this situation through this slide.
ID Cuffs Identity Theft | Advantages of Using Cash to Avoid Identity Theft
1. Do you know
Why We Should Use Cash to Avoid Identity
Theft?
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2. Identity theft begins when someone takes your personal
identifiable information such as your name, Social Security
Number, your address etc to use it, without your knowledge
or permission, for their personal financial gain.
The following points help you to prevent Identity theft during
online transactions.
Know the Types of Identity theft .
Advantages of using cash to prevent Identity Theft.
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3. Identity theft schemes used by criminals.
1. Credit/Debit Card Theft
Credit card fraud is an element of identity fraud. When someone steel
your card, he can use it for the below purpose.
I.
The information on the card can be used to perpetrate other types
of identity theft crimes.
II. It also can be used to open other credit card accounts or bank
accounts in the victim’s name.
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4. 2. Skimming
This can happen anytime when you use your credit or debit
card.
The theft occurs when the device which reads your credit
card information from the magnetic strip on the back of the
card records your information and the card’s code numbers to
another electronic storage device. This enables the criminal to
make a copy of your card to make unauthorized purchases.
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5. Take a Look of Real Incident:
ATM fraud using counterfeited debit cards began catching on in the
mid-2000s. In 2007 the TJX [TJX 41.6799 -0.1901 (-0.45%) ] retail
store chain disclosed that hackers cracked into its network and
siphoned off unencrypted information, including PINs, for 94
million customer transactions. Two years later Heartland Payment
Systems disclosed that intruders cracked the system it uses to
process 100 million card transactions per month from 175,000
merchants.
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6. Advantages of using cash to prevent Identity Theft.
I.
Cash is the most common way of payment around the globe
when compared to all other types of payment. As cash does not
involve third-party action for its immediate conversion into
other forms value.
II. Cash payment can be hard to identify and leaves no paper trail
or digital evidence
III. Cash is 'easy-to-carry' form of payment, neither ends are
required to special hardware to complete a transaction.
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7. VI. Cash payment does not require additional knowledge when a
transaction occurs, whereas credit card payment may need
the users to be taught before hand in order to properly use it.
V.
The use of cash does not involve any transaction fees for
both ends, that is, the person who uses cash and the
merchant does not have to worry about paying any fees
when buying and selling goods and services.
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8. Important Quotes:
“Technology is making it easier for criminals to develop smaller,
more effective skimming devices,”
By: Dale Dabbs, CEO of identity theft protection service EZShield.
“PINs are the Holy Grail”,
“If it’s a debit card, you can cash in up to the limit on the ATM.”
By: Hall.
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9. Click the below link to get more information about “ID Theft”
https://idcuffs.com/blog/use-cash-to-avoid-identity-theft/
www.idcuffs.com
