FEATURES AND SERVICES PROVIDED BY MASTERCARD CREDIT CARD
There are certain
features liable to credit cards:
technology- A chip is fixed inside each credit card to improve payment safety.
This chip creates sole data with each original transaction, and it also makes fabricating
much more problematic for fraudster.
2. Zero liability
policy-This strategy protects user from unconstitutional trades made in-store,
online, on your mobile or even over the phone. The person will not be held responsible
for expenses prepared by someone else using your credit card as long as you’ve
taken sensible care to protect it from loss and theft, and as long as you also
promptly report any loss or theft to your card company.
3. Identity theft resolution-
Mastercard provides a 24-hour service to help the person to resolve identity theft
via its toll-free hotline.
SecureCode is a non-compulsory service provided by some card issuers that aids enhance
the safety of online transactions when you’re shopping at online stores. This
is an additional step at checkout that sends the user a code (usually it is
through SMS) which you must enter before the purchase can be made
Credit Cards and Debit Cards
In case of credit
cards it is like taking loan from the bank or from the company and within due
date you have to pay the amount taken as per the terms and the conditions.
Credit card usage is limited to the limit set upon it.
But in case of debit
cards the amount is in the user’s account and he is buying with that amount.
There is no concept of taking loan and the amount needs to be restored with the
account then only the money can be used.
The case involved
Julio Lopez and Anett Villar, who were the member of south Florida gang which
use to obtain stolen credit cards number through the net and use them to cause
huge harms. This costs up to $75 and the card number were paid through the
E-Gold payment system which is online. This online involvement of the
perpetrators gave a tell-tale sign to the investigators.
the numbers, Lopez and his gang made physical cards using the stolen numbers.
He then sell these physical cards which were credit cards with full functions
in it including all essential security features. The investigators finally
arrested them and others involved charging them with abundant scams.