The Importance Of Validating A Credit Card

The spread of RFID (Radio Frequency Identification) technology has bled into the world of credit cards. With this innovation, cardholders can simply pass their card before an identification pad and their purchase will be debited to their account. Stores all around the UK are switching to an impersonal, quick payment method. Few locations now check cards to see if they are signed, but this should not dissuade owners from validating their card with a signature. Even a debit card, that requires a pin to draw cash, must be signed both legally and for security purposes.

Credit card theft is an unfortunate inconvenience of the world. It is the most common source of account fraud in the UK. Tracking down and preventing card fraud is exponentially more difficult when a cardholder has neglected to sign his or her verification strip. Even if the account can be locked down in the event of thievery and money refunded, catching card thieves requires the owner to sign and account for his or her card. In the event of a card being found, if a bank or legal official can identify that the card was not signed, any claims for reimbursement may be denied since the card was invalid.

If cardholders choose to shop in a store with an unsigned card and an employee notices it, the employee is required by law to have the presenter of the card sign the appropriate area. He or she must then compare credit cards that are unsigned to a valid identification. If a cardholder refuses to sign his or her card, than the employee is required to seize the card and report the incident to law enforcement. While few people will refuse to sign their own card, many people do not realise that shopping with unsigned plastic is illegal and dangerous.

Simon Potter is a freelance article writer who writes for FinanceWeb.org about current financial news. He also writes easy-to-understand guides on how to effectively manage personal finances and gives tips on where to find finance tools, information and resources on the internet.

Need To Report Retailer To Credit Card Company -- What Does This Statement Mean?

A retailer violated my cc company's policy and there is evidence they may have done it as cc/ID theft. The cc company has an online form where I can file a complaint if the retailer "displays the MasterCard logo". But it doesn't explain what "display" means. Does it mean on the door, at the checkout, on the payment options touch pad, advertising -- what?

Answer
Anywhere. If they take MasterCard, then they display it somewhere and you can use this form.

Powered by Yahoo! Answers

In case you can give a better answer? Kindly help others and answer below.

Incoming search terms:

• card pad (2)