130 million credit cards numbers stolen

FINGER PRINT IDENTIFICATION HARDWARE, though i belive members of a family are also using cards of each other, but it can have options for members authorized to use that card. like one we have in cellular companies (SPOUSE CARD).

Yes it is cost bearing issue, but i believe threat of misusing card is much more then the cost of fingerprint technology

First and most important for preventing such froud of credi card money, the way the card is issues and operated needs to be change.

All Credit Card must be chip based and user has to punch the security key to approve the money. Chip should be read only with owner picture stored. The Key Pad based unit has to be installed on all merchandise. Resturants are the main place where the scredit card information are stolen and cloned.

Over internet, the card should be have one Virtual Card system with another secured password to authorise the payment. User should be randmly asked to punch the Pin Code or Phone number as well for validation process.

All known stolen cards should be blocked and system should be such that any stole card usage should alert the merchandise for misuse and he can call the police.

1. STEPS TO TAKE TO PREVENT STOLEN CREDI CARD NUMBERS
2. Treat your cards like cash.
3. Keep your card number confidential.
4. Sign up your new cards as soon as they arrive and cut up the old cards when they expire.
5. Sign your credit card in permanent ink as soon as you receive it.
6. Ensure that your transaction is processed in your presence every time you make a purchase. Check your card when it is returned to you by the cashier to ensure that it is yours and that it has not been tampered with in any way.
7. Total your charge slip before signing in, as blank spaces serve as an invitation for unscrupulous individuals to add additional amounts.
8. Retain your receipts so that you can check them against your statement.
9. Inform your card issuer immediately if unfamiliar transactions are posted on your statement.
10. Keep your statements in a safe place - they contain sensitive information.
11. Shred all statements before disposing of them, even those for closed accounts.
12. Inform the card issuer when you are travelling overseas.
13. Notify the card issuer of any change of address, so new cards/statements are not sent to the old mailing address.
14. Inform the card issuer immediately if your card is stolen or lost. Always keep card issuer contact number at hand. Only provide your SSN(Social Security Number) and credit card information to parties with whom you have initiated the call.

This seems to be a good solution!! Good idea Darpan.. :)

Hi Darpan, The Chip Card is issues by ABN AMRO bank in India.

I agree with Mr. Darpan, even I came to know about these technique few days back. These cards are highly secure and easily traceable. With the help of these cards, theft of ATM cards can be prevented up to a big extent.

Hi Inder, The training is not enough for card fraud prevention or protection. This can a method to enducate the user about the safety concerns and consequnces. The main thing needs to be done is the way of card operation. Stop issue any card without PIN punching same as ATM machine. This will help a lot to decline the froud.

Mr. Dixit is right. By chance, if the credit card's number goes in the hands of a wrong man, who may be a hacker also, he can make the owner completely bankrupt. By using the thumb impression technology, this process can be avoided because no two person's thumb impression is similar and there is no risk of thumb impression getting hacked online.

This is not going to work. Diffucult to remember your card number and how the merchanter will use your card to get the payment? Not feasible.

The govenrment and banks has to come forward with Card Protection plan with zero risk. But this is very difficult to implement in country like India due to poor infrastructure and many other loop holes. In UK, you get a Debit or Credit card with zero liablity is miused by someone without your knowledge.

The issue of identity and money theft is same for Credit Card or Debit Card. In Credit Card, you loose money which you are going to earn. In debit card, you loose the hard earned money.