Credit card – Aadhar UID http://aadharuid.in/ Wed, 10 Aug 2022 11:00:44 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://aadharuid.in/wp-content/uploads/2021/10/Icon-120x120.png Credit card – Aadhar UID http://aadharuid.in/ 32 32 What to Look for in a Credit Card for Bad Credit https://aadharuid.in/what-to-look-for-in-a-credit-card-for-bad-credit/ Wed, 10 Aug 2022 11:00:44 +0000 https://aadharuid.in/what-to-look-for-in-a-credit-card-for-bad-credit/ Choosing a credit card when you have bad credit can seem dangerous – and with good reason. Predatory products can make it extremely difficult to obtain credit and avoid debt. What should you look for and what should you avoid? Two of the most important factors are whether the card is an unsecured or secured […]]]>

Choosing a credit card when you have bad credit can seem dangerous – and with good reason. Predatory products can make it extremely difficult to obtain credit and avoid debt.

What should you look for and what should you avoid? Two of the most important factors are whether the card is an unsecured or secured card and what fees are associated with the card. It’s also important to think ahead when choosing a credit card and find one that offers the option of upgrading to a better card later.

First, check your credit score

Before you start comparing cards, it’s a good idea to check your credit score. By knowing where you stand, you can better understand your options and what to look for when looking at credit cards designed specifically for people with bad credit. You may even find that your credit score is actually “fair,” opening up more credit card opportunities for you.

Do you want an unsecured or secure card?

Next, determine if you want an unsecured or secure card. Unsecured cards do not require a security deposit, but they may be more difficult to obtain and may include higher interest rates. On the other hand, secured cards require a security deposit, but they generally tend to be easier to obtain and charge less fees since you are posting security. Also, the security deposit is usually refundable.

Minimal fees

One of the other big things to consider is the fees. Often credit cards for bad credit charge higher and more fees. You want to read the fine print to make sure you’re aware of these charges and how much you’ll owe once you get the card and use it, especially if you have a balance to pay.

Paying an annual fee might make sense if you have no other options, but you should avoid it if you can. In addition to annual fees, some credit cards also have other fees, such as application fees, activation and processing fees, and monthly maintenance or membership fees.

Unfortunately, these fees are common among unsecured credit cards for bad credit. Avoid them if you can.

Before choosing a card, be sure to read its terms and conditions so you know any fees you may face.

Fair interest rates

The APR you’ll be charged will depend on your creditworthiness, which tells the card issuer how much risk they’re taking in extending credit to you. Generally speaking, the lower your credit score, the higher your APR will be, so an above average APR is kind of a no-brainer for people with bad credit. But some credit cards for bad credit charge APRs that are truly staggering, at around 30%. The average APR for credit cards sits above 17%, so the closer you get to it, the better.

Remember that due to how credit card interest works, you won’t accrue any interest if you pay your bill in full each month, making your APR irrelevant. But if there is a chance that you have a balance, you should prioritize a low interest rate.

A good credit limit

Getting a high credit limit can be tough if you have bad credit, but you want to aim as high as possible (as long as you’re not tempted to overspend). Here’s why: Your credit limit affects your credit utilization rate, which is an important factor in your credit score. Credit usage is the amount you owe as a percentage of your available credit. So if you have a credit limit of $200 and a balance of $100 on the card, your credit utilization is 50%. A typical recommendation is to keep your credit utilization below 30%. But in general, the lower this percentage, the better it is for your credit score.

A path to better credit

Finally, when applying for your credit card, think ahead. Many bad credit cards offer line of credit increases after you have used the card responsibly for several months. An increased line of credit can mean a boost to your credit score.

Also consider the potential for a future upgrade. Most credit card issuers allow eligible customers to upgrade to a better credit card upon request. Choosing a card issuer who might be able to offer an upgrade while you work to improve your credit is important.

Finally, make sure the card you’re considering reports credit activity to all three credit bureaus. Cards with incomplete credit reports can be problematic, as you won’t necessarily know which bureau a future lender might get your credit report from. For example, if a lender pulls reports from TransUnion, but your credit card only reports to Equifax and Experian, the lender may not be able to see your credit activity.

The bottom line

Credit cards for people with bad credit have more pitfalls than most cards, but a credit card can be a saving grace if you’re looking to rebuild your credit score. The best credit cards for bad credit come with low fees, a fair APR, and credit-building opportunities like credit line increases and tri-credit bureau reporting.

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Tuscaloosa police investigate gas station credit card skimmers https://aadharuid.in/tuscaloosa-police-investigate-gas-station-credit-card-skimmers/ Tue, 09 Aug 2022 00:03:44 +0000 https://aadharuid.in/tuscaloosa-police-investigate-gas-station-credit-card-skimmers/ TUSCALOOSA, Ala. (WIAT) —Tuscaloosa police are looking for thieves who steal drivers’ personal information using credit card skimmers at gas pumps. TPD Captain Kip Hart said three skimmers were found at three different gas station pumps along I-20-59 in Tuscaloosa County. The skimmers were quickly removed. “We don’t know how long they’ve been there,” Hart […]]]>

TUSCALOOSA, Ala. (WIAT) —Tuscaloosa police are looking for thieves who steal drivers’ personal information using credit card skimmers at gas pumps.

TPD Captain Kip Hart said three skimmers were found at three different gas station pumps along I-20-59 in Tuscaloosa County. The skimmers were quickly removed.

“We don’t know how long they’ve been there,” Hart said. “The reason we issued the statement was to warn people who may have stopped at gas stations on the highway over the past few months to go back and check their bank statements to make sure make sure nothing has been compromised.”

Leann McDaniel is a cashier at the Brookwood Shell gas station. She says she and her colleagues have been on the lookout for suspicious activity after hearing about the skimmer thefts. McDaniel hopes the perpetrators are caught.

“They are going to get caught and they will have to suffer the consequences. It’s just ridiculous and low,” McDaniel said. “How can you take someone’s money that he has to work hard for his family? It’s sad.”

Tuscaloosa Police are asking the public to be careful and report suspicious activity at gas pumps.

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I spend $1,600 a year on annual credit card fees. Here’s why it’s worth it https://aadharuid.in/i-spend-1600-a-year-on-annual-credit-card-fees-heres-why-its-worth-it/ Sat, 06 Aug 2022 12:32:44 +0000 https://aadharuid.in/i-spend-1600-a-year-on-annual-credit-card-fees-heres-why-its-worth-it/ Image source: Getty Images With high fees comes great benefits. Key points Low annual fee rewards credit cards can pay for themselves if you maximize your income. High-fee travel rewards cards have annual credits that can easily be worth the cost. Cardholder perks like lounge access can be great boosts to a card’s overall value. […]]]>

Image source: Getty Images

With high fees comes great benefits.


Key points

  • Low annual fee rewards credit cards can pay for themselves if you maximize your income.
  • High-fee travel rewards cards have annual credits that can easily be worth the cost.
  • Cardholder perks like lounge access can be great boosts to a card’s overall value.

Over the years, maximizing my credit card rewards has become one of my favorite hobbies. In fact, it’s right up there with binge-watching British food competitions.

A big part of that hobby has been tweaking my lineup of credit cards to make sure I’m maximizing every purchase, every time. This obsession with getting the most out of my cards – and my card spend – means I’ve accumulated a lot of cards. As, I have several wallets to fit them all a lot.

While more than half of the cards in my collection are cards with no annual fee, the other half are not. And those annual fees add up. In my case, they total about $1,600 per year. That’s right, I pay $1,600 a year just in annual credit card fees.

If this number makes you cringe, you are not alone. But listen to me. Even though I have to pay a good part of the costs every year, I don’t really have to lose This money.

Confused? Let me clarify. Every credit card I own gives me rewards, credits and perks that provide value bigger than the annual fee. This means that I gain in value every year. Here’s how it works.

The rewards

The number one way I get value from my credit cards is by buying rewards. Every card I own is a rewards credit card. Some are cash back cards, others earn points in a few transferable currencies. I even have a handful of co-branded cards that earn airline miles or hotel rewards.

Although the currencies differ, they all have one thing in common: each card in the collection is the best card, in terms of rewards, for at least one of the things I regularly buy.

For example, a card is best for groceries, offering 4X points per dollar. Another card gives me 5X points per dollar on flights and airline purchases. I even have a card that gives me 6% cash back on streaming services.

Do you have to pay an annual fee to maximize your rewards? Not necessarily. It is perfectly possible to have a very solid rewards strategy consisting entirely of credit cards with no annual fee.

But when you want to get the highest rewards rates possible, you’ll have to pay an annual fee. And for me, it works. Several of my cards make up their entire annual fee – and even some – solely in rewards.

The credits

While rewards can offer a ton of value, some cards will never be worth their fees in rewards alone. This is especially true for travel rewards cards with annual fees over $400.

But what these expensive cards have is often even more valuable than the rewards: credits.

Rewards card credits come in a variety of shapes and sizes. Hotel credit cards, for example, often offer annual free night rewards. These are basically digital vouchers that you can redeem for free hotel stays. I easily got over $300 in value for a single free night with a credit card with an annual fee of just $95.

Other cards offer statement credits. These credits work like discounts. When you make a qualifying purchase, you get a statement credit for a certain amount. For example, one of my cards gives me a credit of $10 per month when I make purchases at eligible restaurant brands.

Taking full advantage of these credits goes a long way in getting the most out of expensive cards. With most of these cards, I earn more in credits than I spend in fees. The trick is to make sure the credits match the expenses you’re already making; don’t make purchases that you wouldn’t normally make just for statement credits.

Benefits

Perks are another way to get extra value from my more expensive credit cards. These are little extras that come with the card aside from rewards and credits.

One of my favorite perks is access to the airport lounge. I get unlimited visits to thousands of airport lounges at airports around the world, often with the ability to bring in guests for free. Airport lounges are not only a great place to spend some (more) quiet time before a flight, but they also tend to offer free food and drink.

I also like the benefits of my hotel status. I have a few credit cards that offer elite status with popular hotel brands, like Hilton and Marriott. This elevated status has earned me everything from room upgrades to free breakfast.

Depending on how often you travel, perks like the above alone can be worth a hefty annual fee. When paired with rewards and credits, however, they’re the precious icing on an already lucrative cake.

Regular card audits are essential

At this point, you can probably see why I’ve elevated my credit card obsession to a hobby. It takes a certain amount of time and energy to keep track of it all. This includes a spreadsheet that I update every two weeks.

It also includes my annual card audits. Once a year – usually before the annual fee is posted again – I evaluate each card in my collection to make sure it’s still performing well. I calculate all the numbers for rewards, credits and benefits and compare them to all card fees. If my spending habits have changed and the card doesn’t hold up, it’s cancelled.

This is how I justify spending $1,600 a year on credit card fees. By my estimate, I earn at least double those benefits every year, and I have very healthy reward balances ready to be used for even more valuable trips in the future.

Maximizing rewards, tracking credits, and juggling perks isn’t for everyone. It is certainly work. But if you do it right, it can be a fun hobby that pays for itself!

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County cuts fees for using credit card to pay property tax bill, ends sewer fees https://aadharuid.in/county-cuts-fees-for-using-credit-card-to-pay-property-tax-bill-ends-sewer-fees/ Mon, 01 Aug 2022 22:44:36 +0000 https://aadharuid.in/county-cuts-fees-for-using-credit-card-to-pay-property-tax-bill-ends-sewer-fees/ County ratepayers who pay their bills with a credit card will not see an additional charge on many sewer payments and will receive a slightly lower 2.35% surcharge on property tax payments. Tax, sewer and other payments can now be made through an online portal on the New Castle County website. Previously, those using a […]]]>

County ratepayers who pay their bills with a credit card will not see an additional charge on many sewer payments and will receive a slightly lower 2.35% surcharge on property tax payments.

Tax, sewer and other payments can now be made through an online portal on the New Castle County website. Previously, those using a credit card had to pay a processing fee of 2.5% of the total transaction for tax payments and $5.25 for sewer payments.

Effective February 1, tax charges were lowered to 2.35% and sewer charges were reduced to $4.50.

New Castle County is now waiving credit card fees for sewer payments up to $650, while credit card fees for tax payments will remain at 2.35% of the total transaction. No additional fees will be charged for electronic checks or ACH payments.

Property tax payments are due at the end of the summer, while sewer fees are collected at the beginning of the year. A large portion of property tax payments are made through mortgage escrow accounts.

Property taxes:

  1. No fees to pay with e-check or ACH through NCC’s third-party provider Paymentus
  2. Major credit cards (Visa, MasterCard, Discover, American Express), PayPal, PayPal Credit, Venmo, Apple Pay, and Google Pay are accepted through third-party provider Paymentus, which charges transaction fees based on the invoice amount (credit card fees are 2.35% of the total transaction amount).

Sewer charges:

  1. No fees to pay with e-check or ACH via Paymentus
  2. No fees to pay up to $650 with major credit cards (Visa, MasterCard, Discover, American Express), PayPal, PayPal Credit, Venmo, Apple Pay, Google Pay via Paymentus.

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These travelers filed a successful credit card dispute. Here’s how they did it https://aadharuid.in/these-travelers-filed-a-successful-credit-card-dispute-heres-how-they-did-it/ Sun, 31 Jul 2022 11:27:57 +0000 https://aadharuid.in/these-travelers-filed-a-successful-credit-card-dispute-heres-how-they-did-it/ How do I file a successful credit card dispute? Here’s how these customers did it. Getty If you’re considering filing a credit card chargeback for an airline ticket, cruise fare, hotel room reservation, or rental car, you’re not alone. Your fellow travelers have the same idea. The financial services industry has coined a phrase for […]]]>

If you’re considering filing a credit card chargeback for an airline ticket, cruise fare, hotel room reservation, or rental car, you’re not alone.

Your fellow travelers have the same idea. The financial services industry has coined a phrase for this: the big rise in chargebacks of 2022.

A quarter of all online shoppers in the United States, Australia and the United Kingdom have filed a dispute against a merchant in the past 12 months, according to Aurora Payments, a payment systems provider. More than one in 10 initiate a chargeback at least once a month.

It’s true, monthly.

This is part two of a series on credit card disputes in the travel industry. In part one, we looked at expert advice on filing a chargeback. Today we feature customers who have successfully filed credit card disputes.

Credit card disputes can seem like a quick fix — and an easy way to get revenge on a company that wronged you.

“It can be very difficult to control your emotions when something goes haywire when you’re traveling,” says Matt Schulz, chief credit analyst at LendingTree. It’s so easy to hit the “dispute” button on your banking app and get a full refund for that substandard hotel stay or theft from hell.

But Schulz and other experts warn that the key to a successful credit card dispute is staying calm.

“The more you resist taking out all your frustrations on the person on the other end of the line, the better your chances of resolving your issue on your own terms,” he says.

As I noted in part one of this series on credit card chargebacks, you should have a solid case and allow the travel company to respond before moving forward. If you file a chargeback, you should carefully review your card dispute and keep your eyes on the clock. Also, use this tool sparingly, as repeat offenders are less successful and could possibly lose their credit card.

Winning a card dispute starts even before there is a dispute

Alec Pow recently rented a car in Rome. He’s never had much luck with hiring overseas, so he says he’s always “prepared for the worst”.

How are you preparing? You’ve read the fine print. All. And when Pow reviewed his contract, he found an unusually high charge — $50 — for a car returned with less than a full tank of gas. Typically, car rental companies charge you an inflated price for refueling, but no charge.

Before returning the car, he found the nearest gas station and filled it up.

“I decided to take pictures of the GPS, just to be on the safe side. The picture clearly showed that there was no other gas station between it and the rental office,” recalls Pow, the CEO from a financial site.

Of course, the car rental company charged him a $50 fee.

“When I got home, I tried to talk to them but without success,” he says. So he filed a credit card dispute.

“I finally won the case, got my money back and was told that the photos I sent weighed very heavily in the decision to get my money back,” he recalls.

Be patient if you want to win your credit card dispute

Chargebacks can go on forever – and continue. Although some agreements with credit card merchants require companies to process disputes quickly and resolve them within a month, the reality is that complicated cases can take time. It happened to Rebecca Engelmann when she canceled her Singapore Airlines tickets because of the pandemic. An airline representative told her she had to wait 16 weeks for a refund, so she filed a credit card dispute.

“Our credit card company refunded the money as a courtesy,” says Engelmann, a teacher from White Plains, NY. But the airline fought the dispute and his bank took the money back.

Most travelers are unaware that there is an appeals process that can extend a chargeback for months. You may need to submit it to arbitration if there is still no resolution.

Eventually, her airline dropped the claim and she got her $3,050 back. She probably should have given Singapore the 16 weeks she wanted. (Remember that most credit cards allow at least 120 days for a dispute.)

Know the flaws

I have filed credit card disputes and negotiated thousands of cases involving credit card disputes. And believe me, there are flaws.

For example, I filed a chargeback claim against a pet store in Florida many years ago. I had bought a parrot that died within 24 hours. Loophole 1: My bank did not accept live animal disputes. I skirted that by pointing out that the Fair Credit Billing Act, which allows credit card disputes, does not allow banks to limit the types of disputes they accept. And besides, the bird was dead.

And second loophole: the company sent me a letter agreeing to refund the purchase, but canceled it later. My bank’s credit card dispute department took this as a credit memo and sided with me.

But loopholes can also work in favor of companies. Dennis Shirshikov, a real estate investment firm strategist, says most credit card companies won’t refund fees from companies that traditionally have responsive refund teams, like Amazon.

“Instead, they’ll help mediate a request and get it straight for you,” he says. “It started before the pandemic, but the trend has really accelerated since then.”

So this is it. Preparation, patience, and knowing the exceptions can improve your chances of a successful credit card dispute.

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Debit card tokenization: how to tokenize your debit and credit card in 6 steps https://aadharuid.in/debit-card-tokenization-how-to-tokenize-your-debit-and-credit-card-in-6-steps/ Thu, 28 Jul 2022 08:08:00 +0000 https://aadharuid.in/debit-card-tokenization-how-to-tokenize-your-debit-and-credit-card-in-6-steps/ The Reserve Bank of India (RBI) has required that all credit and debit card data online, at point of sale and in-app transactions be replaced with unique tokens by September 30, 2022 ( extended from June 30, 2022). The payment experience for cardholders will be enhanced with an additional layer of security through tokenization. According […]]]>
The Reserve Bank of India (RBI) has required that all credit and debit card data online, at point of sale and in-app transactions be replaced with unique tokens by September 30, 2022 ( extended from June 30, 2022).

The payment experience for cardholders will be enhanced with an additional layer of security through tokenization. According to the RBI, “Tokenization refers to replacing the actual card details with an alternative code called the ‘token’, which must be unique for a combination of card, token applicant (i.e. the entity that accepts the customer’s request for the tokenization of a card and transmits it to the network of the card to issue a corresponding token) and device (hereinafter “identified device”).

This additional time may be used by industry for the following purposes.

(a) facilitate the preparation of all stakeholders to handle tokenized transactions.

(b) the processing of tokenized transactions.

(c) implement one or more alternative mechanisms to manage all post-transaction activities (including chargeback management and settlement) related to guest payment transactions that currently involve or require the storage of CoF data by entities other than card issuers and card networks.

(d) educate the public about the creation of tokens and their use in transactions.

Here are six simple steps to tokenize your card according to an RBI tweet:

According to the RBI tweet: “Want to generate a token for your debit/credit card? Follow these 6 simple steps for tokenization. It’s simple, it’s safe, it’s practical.

Step 1: Start

Visit any e-commerce website or app to make a purchase and start a payment transaction.

Step 2: Choose your card

At checkout, enter details of your debit, credit card previously saved as payment method and enter other details.

Step 3: Secure your card

Select the option “secure your card according to RBI guidelines” or “tokenize your card according to RBI guidelines”

Step 4: Give your consent to create a token

Enter the OTP sent to your mobile phone or email by your bank and complete the transaction.

Step 5: Generate a token

Your token has been generated and saved instead of your actual card details

Step 6: Tokenized

When you visit the same website or app again, the last four digits of your card on file are displayed to help you identify your card to complete the payment. Tokenized!

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Illinois Leaks | Former Wapella Township Highway Commissioner Eldon Cusey’s Illegal Credit Card Charges Exceeded $27,000.00 – https://aadharuid.in/illinois-leaks-former-wapella-township-highway-commissioner-eldon-cuseys-illegal-credit-card-charges-exceeded-27000-00/ Mon, 25 Jul 2022 22:41:15 +0000 https://aadharuid.in/illinois-leaks-former-wapella-township-highway-commissioner-eldon-cuseys-illegal-credit-card-charges-exceeded-27000-00/ Wapella Township, DeWitt County (ECWD) – Ninety-seven 30-packs of Bud Light (nearly 2 a week for an entire year), a fridge to keep the beer cold, a Lazyboy recliner, and 90% ground beef to go with it. Updated: 07/24/2022 with credit card statements and receipts from January to November 2021 (HERE). After receiving the public […]]]>

Wapella Township, DeWitt County (ECWD) –

Ninety-seven 30-packs of Bud Light (nearly 2 a week for an entire year), a fridge to keep the beer cold, a Lazyboy recliner, and 90% ground beef to go with it.

Updated: 07/24/2022 with credit card statements and receipts from January to November 2021 (HERE).

After receiving the public records, the tip we received about the illegal use of the township credit card by former Wapella Township Highway Commissioner Eldon Cusey for personal gain has been confirmed.

We understand Cusey resigned after township board members confronted him over credit card charges exceeding $27,000. He provided the restitution to the township on May 22, 2022.

We think he should be sent back to the state’s attorney to be prosecuted.

According to the township clerk and FOIA agent, the three documents mentioned below were compiled from township credit card statements to determine how much Eldon Cusey owed the township and road district.

These credit card charges apparently started in 2019, when Cusey charged over $3,700.00 for personal use, including garden hoses, paint, trash bags, Gatorade, storage bins, accent mats, wood, toilet paper, canning jars, car antifreeze VR, ice and dish soap, among others.

This continued into 2020, when Cusey loaded more than $6,575.00 for personal use, including stud finder, bags of food, soap, plumbing supplies, cocktails, women’s flip flops, concrete hole saw, candy, men’s clothing, commercial shelving, electrical wiring supplies, a utility cart, paint gun, digital weather center, and jelly jars, among other items.

He was ‘caught’ in 2021, when he charged over $16,900.00 for personal use, including Lazy Boy recliner, 97 cases of Bud Light 30 packs, dog food, cat food, 57 live chickens, firewood, heated chicken waterer, pet food chicken, an egg cooker, a shower head, spa supplies, 2 battery trucks, paint hardener, chain saw chains, pork sausage, another truck battery which he claimed was for a lawn mower , clothes, 90% ground beef, a barrel pump, everything to plant his garden, including plants and seeds, canning jars and lids, potting soil and mulch, a watering tank for cattle, bamboo torches, refrigerator, electric stove plugs and charcoal among many other items.

According to the paper trail available, Eldon Cusey provided a certified check to the township on May 22, 2022, in the amount of $27,253.00 to repay what he took from ratepayers using the road district credit card at personal purposes.

We see this kind of abuse too often and until these people start being prosecuted, they will see no consequences for their actions and will embolden others. He is not the first and will not be the last.

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Why new debit and credit card rules? What the experts say https://aadharuid.in/why-new-debit-and-credit-card-rules-what-the-experts-say/ Fri, 22 Jul 2022 02:34:26 +0000 https://aadharuid.in/why-new-debit-and-credit-card-rules-what-the-experts-say/ Tokenization refers to replacing the actual card details with an alternate code. New Delhi: New debit and credit card rules have been extended after receiving a series of representations from different industry bodies. The Reserve Bank of India (RBI) has again extended the deadline for the debit and credit card tokenization rule until September 30. […]]]>

Tokenization refers to replacing the actual card details with an alternate code.

New Delhi: New debit and credit card rules have been extended after receiving a series of representations from different industry bodies. The Reserve Bank of India (RBI) has again extended the deadline for the debit and credit card tokenization rule until September 30.

The Reserve Bank said industry stakeholders have highlighted some issues with the implementation of the framework as it relates to customer payment transactions. In addition, several transactions processed using “tokens” are yet to gain traction across all merchant categories, he added.

According to the new set of rules, online players must delete all credit or debit card data stored on their platforms and replace it with a “token”.

What is a “token” and how do I get it?

Tokenization refers to replacing the actual card details with an alternate code called the “token”. ‘Token’ will be unique for a combination of card, token requester and device. RBI said a person “could obtain the tokenized card by initiating a request on the application provided by the token requester.

The token requester will forward the request to the card network which, with the consent of the card issuer, will issue a token matching the combination of card, token requester and device.”

A cardholder does not have to pay a fee and the process is not mandatory, the Reserve Bank added.

“This means that in the future, instead of saving your card details to a web service – for example, Amazon – you would save a unique token. That token would only be for that particular merchant and that particular device. tokenization, customers can register or deregister their card for a particular purpose, i.e. contactless, QR code-based, in-app payments, etc.,” said Soumee Bhatt, attorney general, BankBazaar.com.

It should be noted that tokenization is limited to mobile phones and tablets. The process cannot be performed through a smartwatch or other similar devices.

Additionally, tokenization and detokenization (converting the token back to actual card details) can only be performed by the authorized card network. (Click here to see the list)

Why did RBI publish the new rules?

“A tokenized card transaction is considered more secure because the actual card details are not shared with the merchant while the transaction is being processed,” RBI said.

“Credit card data such as card number, CVV and expiration date are stored in web services databases to facilitate payments. But this data is exposed to IT security risks. We have seen in the past that data stored on certain websites is breached and leaked into the public domain.Once this happens, cards can be used fraudulently and their owners can suffer financial loss.Therefore, the Bank reserve has issued guidelines that no entity except card issuers or networks will be permitted to store debit or credit card details. Data already stored must be erased,” said Ms. Bhatt.

“As no card data is stored anywhere other than the card network and issuer, the risk of loss or theft of card data is reduced. You also have the option of displaying the list of merchants from whom you have registered a token and to unregister such token in the future through your issuer’s app or online banking, so if you do not intend to make purchases on a site in the future or if you do not want a recurring payment associated with your account to renew, you can remove the associated token.if your card is renewed or replaced, you will need to explicitly consent to link it to merchants with whom you previously registered the card. All of this adds extra security,” she added.

What will happen if a device identified by a “token” is lost or stolen?

“All complaints should be directed to card issuers. Card issuers will ensure easy access for customers to report loss of ‘identified device’ or any other such event that may expose tokens to unauthorized use” , the RBI said.

Ms Bhatt said the card network should have a system in place to immediately deactivate such tokens and associated keys if exposed to unauthorized use.

Are there any risks?

Although the Reserve Bank said the new process is “more secure”, there could be “other security risks” involved.

“With card tokenization, sensitive card data is replaced with tokens and no real data is stored anywhere other than at the issuer, card network and customer. Implementing tokenization adds complexity to the existing IT structure as transaction processing will become more complicated and comprehensive,” said Murari Sridharan, Chief Technology Officer, BankBazaar.com.

“Tokenization does not eliminate all security risks, but it does greatly reduce the potential for data breaches, especially from third-party applications,” he added.

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Credit card skimmers found in the Bay Area https://aadharuid.in/credit-card-skimmers-found-in-the-bay-area/ Wed, 20 Jul 2022 01:51:42 +0000 https://aadharuid.in/credit-card-skimmers-found-in-the-bay-area/ (KRON) – Credit card skimmers have been found in multiple locations across the Bay Area over the past week. The Petaluma Police Department said they recently found ATM credit card skimmers at four different locations. Last Saturday, technicians working on two ATMs at a Bank of America location in downtown Petaluma found skimmers there. KRON […]]]>

(KRON) – Credit card skimmers have been found in multiple locations across the Bay Area over the past week.

The Petaluma Police Department said they recently found ATM credit card skimmers at four different locations. Last Saturday, technicians working on two ATMs at a Bank of America location in downtown Petaluma found skimmers there.

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On Monday, the police department said three other locations in Petaluma had ATM skimmers. All of the skimmers found were linked to credit card readers.

In some cases, police found cameras pointed at keypads apparently to record people’s identification numbers as they typed them in. The police department said thieves would obtain credit card information and identification numbers to make fraudulent purchases.

Last Friday in Sunnyvale, the Sunnyvale Police Department found skimmers at a Chevron-7-Eleven location along El Camino Real. Now the police department is offering advice to people who might use ATMs.

Check the ATM to make sure all parts fit and fit properly. Avoid using a machine if anything is loose, looks unusual, or sticks out.

Many places, like 7-Eleven, will have a security strip. It’s a little bit of bureaucracy on the card reader. If this tape appears to have been tampered with in any way, you may also want to avoid this machine.

Finally, keep an eye on your credit card history. Check for unusual purchases.

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Similarities Between Cryptocurrencies and Credit Card Services https://aadharuid.in/similarities-between-cryptocurrencies-and-credit-card-services/ Mon, 18 Jul 2022 16:59:25 +0000 https://aadharuid.in/similarities-between-cryptocurrencies-and-credit-card-services/ Cryptocurrency is an essential pillar of the digital financial market in the modern economy. Today, crypto can help you in many ways like trading, mining, daily trading and many more. The latest cryptocurrency project is to develop a large network of crypto credit cards that will work similarly to traditional bank cards. Check to understand […]]]>

Cryptocurrency is an essential pillar of the digital financial market in the modern economy. Today, crypto can help you in many ways like trading, mining, daily trading and many more. The latest cryptocurrency project is to develop a large network of crypto credit cards that will work similarly to traditional bank cards. Check to understand bitcoin smart contracts if you want to start trading bitcoins.

Every crypto user can get a free crypto credit card to spend the funds on their cards whenever and wherever. The new concept of cryptocurrency offers a variety of advantages over the traditional payment system. The term “cryptocurrency” refers only to the decentralized digital currency of central authorities or banks.

The main advantage of crypto credit cards is to make payments without the help of a payment card provider. Since no agency can stop you from spending your funds, you have complete freedom. First, let’s discuss the similarities between cryptocurrencies and credit card services.

Basic

The crypto credit card is a revolutionary project that allows crypto users to spend the funds without any interruption. For example, you can use the crypto credit card to make payments at any store or restaurant that accepts cryptocurrencies. Crypto credit cards are very similar to traditional bank cards and work similarly to them.

The main purpose of these cards is to provide direct access to your wallet and protect your cryptocurrency funds from hacking or fraud. Crypto holders usually keep their cryptocurrencies in the form of digital assets. So they need a secure payment method to spend their cryptocurrencies as much as possible.

Crypto users don’t need to compromise on security when paying using credit cards. Instead, your transactions will be completely secure using multi-level encryption.

1. Mechanism:

Traditional payment cards used by millions of daily users are the intermediaries that exert influence on users. They help us to make payments or transact with credit card companies although they are no longer useful in today’s modern world.

Cryptocurrency credit cards work in a similar setup where people can make cryptocurrency payments without any interference from third parties. The only difference is that these cards do not provide you with traditional services such as rewards, rewards programs and other things associated with traditional credit cards.

2. Transaction fees:

However, there is a slight difference in transaction fees charged by traditional credit card companies and cryptocurrency credit cards. This is because the main purpose of crypto cards is to save money using them compared to banking transactions.

Traditional financial transactions have significantly higher transaction fees than cryptocurrency credit card transactions. Crypto credit cards can eliminate these fees for every purchase you make.

3. Security:

The security of traditional financial transactions is provided by agencies or third-party banks. The overall goal of these agencies is to collect data and make it available to various government agencies such as tax authorities, etc.

This can be a significant disadvantage for cryptocurrency credit cards because you have complete control over your funds, allowing you to transact with less or no risk. It is a fact that encrypted credit cards will not allow you to track any of your transactions made within the network.

4. Processing time:

The processing time of traditional credit cards is very large because the expenses are made in banks, which takes a long time to process. Banks must also ensure that these transactions were made by you and that they are not fraudulent transactions.

On the other hand, cryptocurrency transactions are processed very quickly because they do not go through a centralized authority. Transaction fees, which can be considered a time-consuming process, can be avoided by using crypto credit cards.

5. Risk:

There are various risks associated with traditional credit cards that you cannot face when using crypto. The first is that they may make your transaction history public, while the second risk is that they may monitor your transactions without asking you.

There is no risk in cryptocurrency credit card transactions because a network will conduct your transactions on a P2P platform that will never disclose your details to anyone. They have no involvement or influence on these crypto transactions.

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