Payment cards and security
Losing your wallet can cause your brow to sweat and your blood pressure to rise. Ditto for getting a call from your bank saying your credit card has been compromised. No one wants to deal with card fraud, but unfortunately, many of us do.
More than 2 out of 5 Americans with credit cards experienced some kind of credit card or debit card fraud in the past five years. About a third of card fraud in 2008 involved counterfeit cards or lost or stolen cards. That amounted to $2.44 billion in card losses that year.
No card is invulnerable to fraud. But every type of payment card, from the traditional card with the magnetic stripe to the emerging virtual cards on smartphones, comes built with security features to make it harder for someone to steal your card info at checkout.
When using one of your cards, know what its strengths and weaknesses are to protect yourself against losses.