Growing number of identity theft cases has now made the businesses take severe actions to protect the consumers interests. They are finding out different solutions to safeguard the personal and financial information of the consumers. One such company called LifeLock claims that they will take all actions to protect their customers from possible chances of identity theft. While there are several credit card companies that are taking serious actions to resolve this identity theft issue, there seems to be less positive feedbacks of a positive plan of action.

Fortunately, there was a new identity theft protection system introduced that will make the credit card applications more secure and protected from any mischievous activity. There is a new process called “two factor authentication” introduced by a company called RSA. This two step process will keep your personal and financial information protected on your computer and cell phone. When you do a purchase on the internet or do an online transaction, the phone received a wi fi signal from the PC and it shows that you are doing an online transaction. This transaction will pop up on your mobile device showing that a transaction is being done online and its waiting for your approval. Once you approve it, it will send a signal back to the computer and the money will be transferred. People filling up the credit card applications on the internet should be aware of such protection measures offered by their credit card company so that they can build up their trust towards that credit card company. These measures can be applied on credit cards for bad credit so that the people not having a good financial background can avail the same benefits.

This is a great security measure for someone doing the online purchases with their credit card. If anyone gets your credit card information and tries to do a purchase online, you will come to know in your mobile device and you will instantly get an alert of this fraudulent transaction being done by someone. You will be able to take instant actions and inform the credit card company of this fraudulent transaction and money will not drain out of your account.

The only case when you can’t stop this fraudulent activity from happening is when you lose your credit card and mobile phone at the same time. If you have just lost your credit card and your mobile is still with you, then your credit card information is still safe.

This entry was posted on Friday, May 23rd, 2008 at 3:53 am and is filed under Credit Card. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.