Master Card Security

By: EconomyWatch   Date: 6 October 2010

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EconomyWatch

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Introduction

Master Card Security is of great concern for both the Master Card holders and Master Card Company. Over the years, Master Card Company has showed great responsibility in managing Operational Security using innovative technologies. As a result of this, among more than16 billion transactions done through Master Card in a year, a small percentage generates fraud or Unauthorized Activity. So, the Master Cardholders make purchases with the Master Card with immense confidence.
But the Master Cardholders and Merchants who accept payment through Master Card have some responsibility also towards fraud protection and security of the Master Card.

Measures to be taken to preserve security of the Master Card
  • Cardholders and Merchants require to be familiar with the types of fraud that can take place with the Master Card. This is the first step protecting card security.
    Types of Master Card Fraud

    1. Altered Cards- These are fake cards with valid account numbers but name, date of expiry and magnetic strips are changed.
    2. Lost or Stolen Cards-When cards are stolen from the cardholders and used for unauthorized purchases.
    3. Mail Order or Phone Fraud-When some one other than the card holder knows a particular Master Card Number, Expiry Date and Card Validation Code and misuses these information for making purchase of some goods by mail or phone.

  • Every time a card holder presents the card, the person accepting the card payment should check the Account Number embossed on the front of the card. The embossing should be uniform in size and spacing and the last four digits of the account number should go with the four digits printed on the Signature Panel at the back of the Master Card.



  • Merchants need to check the Hologram of the card also. The Master Card hologram of interlocking globes should reflect light.



  • They should also confirm that the Magnetic Strip of the card is smooth and straight and is in no way tampered.



  • Merchants need to compare Signatures before accepting the Master Card. Whenever a person presents a Master Card to them to make payments, they should check whether the signature at the back of the card and the signature on the Sales Receipt is identical or not.


    Exercising these small precautionary measures can prevent fraud occurrences and can save a lot of money from being misused.



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