We are all used to how credit cards work. Many of us use them on almost a daily basis for various things, especially during the holidays. Things are about to change though; in 2013 there will be changes to our credit cards. Most of these changes are to help prevent identity theft and to protect the customer.
Mastercard has recently released a new credit card that is aimed at trying to prevent identity theft. This new credit card has a LED screen and a numeric key pad. Both of these features are built into the back of the credit card. This card is going to allow the consumer to create a one-time authentication code for each purchase that you make.
This card was created for those card not present purchases that you make over the phone or online. With those purchases you just need the name, the card number, the expiration date, and the three digit security code on the back. With the three digit code being printed on the back of the card it is easy for someone to copy that number down and use the credit card. If the credit card creates a new code for each transaction then someone would have to have the card with them to make these card not present transactions. This is going to help crack down on stolen credit card information.
These credit cards are also going to have rewritable magnetic strips. The credit card company is working with retailers to make it so that every time you swipe your card the machine could make changes to your card right there in the store. The first reason for this feature is to increase security, and secondly to customize reward options.
The future of credit cards is going be rather different than its past has been. Your card is no longer going to look and act the same. The identity theft protection on your card is going to be completely different. It may take some time to get used to these new cards, but it will definitely be worth it.
This new credit card will change how we use credit cards. When we first took on the credit cards in the 1950s they were very similar to what we have for credit cards now. Not much has changed in the last sixty years. That is about to change with the introduction of this new credit card. Many are excited to receive it and use it for the first time both in person and online. These new cards are the credit cards of the future. Things are going to change, and if they go as planned, not so many people will have their card information stolen.
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