The Wider Use of the Credit Card Zip Code is the First Step in Vital Credit Security

Credit Card Zip Code

Credit cards often have big balances and a lot of valuable information attached to them. There is a lot of potential to steal, and there is a good reason why credit card companies have been taking extra steps to ensure the security for their customers.

Merchants have something to gain, as well. It is a two-front attack on theft from the efforts of merchants and credit companies to keep everything in line.f there is a security issue, no one wins (except a savvy thief, and even then, their chances of success are slim). The merchants lose because the funds are often refunded. They may receive a loss of sales, as was the case following the 2015 Sony hack that resulted in millions of lost consumer accounts. The credit companies lose for a variety of obvious reasons, including lost sales and the breach of the Payment Card Industry protection standards

Merchants have something to gain, as well. It is a two-front attack on theft from the efforts of merchants and credit companies to keep everything in line.f there is a security issue, no one wins (except a savvy thief, and even then, their chances of success are slim). The merchants lose because the funds are often refunded. They may receive a loss of sales, as was the case following the 2015 Sony hack that resulted in millions of lost consumer accounts. The credit companies lose for a variety of obvious reasons, including lost sales and the breach of the Payment Card Industry protection standards

Credit Card Zip Code: Added Security Number One

Consumers had to make a few changes for their credit use in the wake of new security additions. The first major change came in the form of a zip code. It is shown that thefts often result in the attempted purchase of gasoline. It is now standard to need a credit card zip code when purchasing gasoline.

Other outlets are also adding the need for zip code. It is called an Address Verification System. The system is interested in finding out if the card being used matches the bank it is attached to through the billing address. It is also why a billing address is needed for almost all online purchases.

This has caused a problem for those visiting from another country. The recommended solution is to go inside the gas station, if available, or click enter or accept. The credit card zip code will be processed as blank, and the bank should accept the charge. Visitors can also ask their bank to make certain account changes before they travel internationally.

shutterstock_210861721

The Next Step in Chip Cards

Chip cards are being added to credit cards at a wide level. This will force an input and a chip read, as opposed to a swipe. Chip cards are not obviously increasing security. What they are doing is invalidating any major progress hackers have made in the process of collecting and using card data. The system is entirely different on a technical end.

The Payment Card Industry

shutterstock_343157249

The Payment Card Industry has helped promote these changes to ensure protection across the board. Full protection cannot always be achieved. But, these steps go a long way in slowing down theft and giving time for consumers to respond.

Security is a little more than a big deal. A few more major corporate-level breaches and it could fundamentally shift priorities on a wide scale. The zip code addition was a step in the right direction. The need for identifying cards helps, and the new chip system will likely elevate everything. Data security standards want to improve the economy and fight the constant threat of theft on a small and wide scale.