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ID Cuffs Identity Theft | Advantages of Using Cash to Avoid Identity Theft


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Criminals steal your debit card account number and personal identification number with the checkout machines in department stores, supermarkets, gas stations and even your doctors’ office to make unauthorized purchase. Id Cuffs help you to avoid this situation through this slide.

Published in: Economy & Finance, Business
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ID Cuffs Identity Theft | Advantages of Using Cash to Avoid Identity Theft

  1. 1. Do you know Why We Should Use Cash to Avoid Identity Theft?
  2. 2. Identity theft begins when someone takes your personal identifiable information such as your name, Social Security Number, your address etc to use it, without your knowledge or permission, for their personal financial gain. The following points help you to prevent Identity theft during online transactions.  Know the Types of Identity theft .  Advantages of using cash to prevent Identity Theft.
  3. 3. Identity theft schemes used by criminals. 1. Credit/Debit Card Theft Credit card fraud is an element of identity fraud. When someone steel your card, he can use it for the below purpose. I. The information on the card can be used to perpetrate other types of identity theft crimes. II. It also can be used to open other credit card accounts or bank accounts in the victim’s name.
  4. 4. 2. Skimming This can happen anytime when you use your credit or debit card. The theft occurs when the device which reads your credit card information from the magnetic strip on the back of the card records your information and the card’s code numbers to another electronic storage device. This enables the criminal to make a copy of your card to make unauthorized purchases.
  5. 5. Take a Look of Real Incident: ATM fraud using counterfeited debit cards began catching on in the mid-2000s. In 2007 the TJX [TJX 41.6799 -0.1901 (-0.45%) ] retail store chain disclosed that hackers cracked into its network and siphoned off unencrypted information, including PINs, for 94 million customer transactions. Two years later Heartland Payment Systems disclosed that intruders cracked the system it uses to process 100 million card transactions per month from 175,000 merchants.
  6. 6. Advantages of using cash to prevent Identity Theft. I. Cash is the most common way of payment around the globe when compared to all other types of payment. As cash does not involve third-party action for its immediate conversion into other forms value. II. Cash payment can be hard to identify and leaves no paper trail or digital evidence III. Cash is 'easy-to-carry' form of payment, neither ends are required to special hardware to complete a transaction.
  7. 7. VI. Cash payment does not require additional knowledge when a transaction occurs, whereas credit card payment may need the users to be taught before hand in order to properly use it. V. The use of cash does not involve any transaction fees for both ends, that is, the person who uses cash and the merchant does not have to worry about paying any fees when buying and selling goods and services.
  8. 8. Important Quotes: “Technology is making it easier for criminals to develop smaller, more effective skimming devices,” By: Dale Dabbs, CEO of identity theft protection service EZShield. “PINs are the Holy Grail”, “If it’s a debit card, you can cash in up to the limit on the ATM.” By: Hall.
  9. 9. Click the below link to get more information about “ID Theft”