Credit Card Encryption
Each year, American consumers lose about $16 billion to identity theft and credit card fraud. Nothing like having to clean up your credit report after some hacker in a bunker somewhere in Eastern Europe cleans out your account.
Credit card companies have stepped up their game to reduce the probability of fraud by using credit card encryption, a process where a credit card terminal scans a card. There is then a process of transmitting customer information from the terminal to the backend of the network.
Encryption scrambles the purchaser’s data through an algorithm that makes the information unreadable without a key to unlock that data. The goal is to reduce to ability of a hacker to obtain consumers’ information.
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Finance: What is the Equal Credit Opport...6 Views
Finance a la shmoop what is the Equal Credit Opportunity Act? alright people while the
federal government thinks everyone should have the equal opportunity to get [Men in Federal Government appear]
into debt isn't that sweet of them you know that Uncle Sam well he sure does
have a heart of gold this federal law makes it illegal to discriminate against
people who are applying for financing on pretty much anything legal based on
their age gender marital status religious affiliation ethnic or national
background or public assistance benefits your credit score however well that
still matters sorry just keeping it real
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