How Secure Is Your Credit Card On Your Phone?
Published: 23 May 2011 By MoneyHighStreet Staff Leave a Comment
Technology is evolving by leaps and bounds; to the point it is difficult to keep up with every twist and turn. Mobile phones are becoming more than just a means of communication; they are miniature computers, capable of doing as much or more than many laptops and desktops computers.
A mobile phone these days can stream multi-media such as music, movies, television; store pictures, play games and much more. These little devices hold a ton of personal information to include your contact list, addresses and all your business information.
How secure is your credit card information on your phone? How secure is any information on your phone? There is no simple answer, and the evolving technology means there could be major holes in security for hackers to exploit.
Until security catches up to technology, it is a good idea to monitor any use of a credit care through a phone very carefully. Often, the security breach isn’t realized until it is too late.
Still, the times move forward and there is a program in the UK, where you are able to swipe a UK credit card which has been in use already for a period of time with some success.
It is limited at this current time to one type of phone, one vendor and a £15 limit, but in the near future people can look forward to expanded choices.
Security is as much of a concern to vendors and credit card companies as it is to consumers; the credit card companies stand to lose billions of dollars if there occurs a serious breach in security.
The best thing to do is to take all regular security precautions such as keeping the software and phone upgrades up to date. Err on the side of caution – a credit card in the wrong hands can significantly impact your credit in many ways.
Not only can you lose money, although credit card lenders do have programs in place that limit how much you are responsible for fraudulent charges, the theft of a card can also impact your credit rating for years to come.
If you must use your credit card on your phone, utilise a PIN number and limit the transactions, at least until security catches up to technology.