- What If You Can’t Pay Your Medical Bills?
- Report: Students Should Beware of Campus Debit Cards
- Bank Fees Hit New Highs
- Millennials Prefer Plastic to Cash for Small Purchases
- Many Believe That Carrying a Balance Will Improve Their Credit Score
- The Top-Rated Credit Cards in the US
- JPMorgan Chase, Other Big Banks Fall Prey to Hackers
- What Cable Mergers Might Mean for Your Television Service
This post comes from Lynn Oldshue at partner site LowCards.com.
In an effort to enhance its credit card security, Walmart may soon require shoppers to punch in their credit card security codes when making purchases over a certain price.
This process may not be as effective as the shift to chip-and-PIN cards in the coming years, but it is certainly a step in the right direction.
When most credit card thieves steal information on a card, they usually obtain the card number and expiration date. But the three-digit security code is on the back of most cards and much more difficult to retrieve. So by requesting this additional information, Walmart could prevent identity thieves from using stolen credit card numbers.
In order to keep customers safe after this kind of transition, Walmart will need a way to store credit card numbers and security codes separately. Otherwise one data breach could expose more information than any thief would ever need.
Some question whether Walmart should go through with this transition or just wait for the move to chip-and- PIN technology. If they are already going to have to upgrade all of their payment processors in the coming months, is it really worth the effort to do so right now for just a temporary fix?
We aren’t sure what Walmart is going to do, but don’t be surprised if you are asked for your card’s security code in the near future.
More on LowCards.com:
- Will the Apple iWatch Be a Revolutionary New Payment System?
- Data Breach Hits 11 Casinos
- Bitcoin Projected to Overtake PayPal in US Transaction Volume