Protect your data, cash this holiday Lock feature makes credit cards more secure
6 tips to shop smarter and safer online
There's a real Grinch prowling your phone and computer this holiday season: cyberthieves after your money, your passwords and your personal data.
We're easier targets under holiday stress.
The desperate hunt for Junior's must-have Poopsie Slime Surprise (this year's hot toy) makes you more inclined to trust an unknown online merchant. Decking the halls makes you a little less mindful about clicking on that email you thought came from your bank. Even on old reliable Amazon, fraudsters prey on you through fake Cyberthieves are after your passwords, your personal information and your money, but there are simple steps you can take to make it harder for them.
It’s something everyone does at one time or another.
You’re paying your bill at a restaurant, a club or a store, and you forget your credit card. Or maybe you misplace your card and you can’t find it.
Until recently, your choices of dealing with that have been limited. You’re stuck with either calling the credit-card company to cancel the card or risk fraudulent charges on your card while you search for it.
Now, there’s a third option: lock the card so that it can’t be used by a thief. Find the card, and the card can be unlocked.
If the card is lost for good, then you can contact the card company without the worry of dubious charges.
“You’re certainly seeing more issuers offering the lock-unlock feature,” said Bill Hardekopf, CEO of Lowcards.com. “It’s a wonderful feature for consumers to have to instantly lock their credit card in case it is stolen, lost or misplaced. They have this security.”
Huntington Bancshares began the feature for creditcard customers last month. It launched the service for debit-card customers in May. Other banks, such as Chase, also offer the feature.
Customers can manage the lock-unlock option with their computer or their phone. About two-thirds of the time when the card is locked it is done by a mobile device, reflecting how consumer preferences are changing when it comes to handling their money.
The new feature is a result of customers calling and telling the bank they feared they have lost their card, said Mark Sheehan, a Huntington executive vice president in the bank’s consumer banking operation.
Giving them a way to freeze the account “is better for customers and good for the bank because we don’t have to reissue the card,” he said.
Huntington’s freeze can allow recurring bills such as monthly cable television bills to continue to be charged on the card if the customer chooses to.
“It is peace of mind,” he said. “If they misplace the card they have the ability to lock it.”
Matt Schulz, chief industry analyst for Comparecards. com, said the lock-unlock option is meant to give consumers more control over their accounts.
“The truth is there is so much fraud out there and that fraud isn’t going away soon. It is in the banks’ best interest to give consumers as many tools as they can to protect their money and feel more secure,” he said.
Outside of locking a card, text and email alerts for charges have become popular, especially for purchases that are considered unusual.
“A text from your financial institution is a quick and easy way to spot a fraudulent purchase,” Schulz said.
Hardekopf said the card industry remains competitive, so you should expect card companies to come up with more features to keep their cards safe. Among the ideas are fingerprint and iris scanners meant to keep cards secure.
New credit cards that are equipped with fraudfighting computer chips called EMV cards, because they are issued by Eurocard, Mastercard or Visa, have been a good feature that has reduced the risk of consumer credit-card numbers being stolen from retailers during data breaches.