In the News
The new Apple credit card, Apple Card, has some pretty neat features. In Apple Card will make credit card fraud a lot more difficult, Zack Whittaker at TechCrunch discusses a security code feature on the new Apple Card, which will protect against fraudulent activity. Whittaker explains that Apple Card users will have a security code that changes frequently. Whittaker also states that Apple Card will have a biometric component requiring a fingerprint to make payment, which further protects the user against credit card fraud.
Our Take
Credit card fraud and other types of financial fraud are dangerous and damaging to the victim. In the era of online retailers and digital payment methods, financial fraud is more common than ever. However, innovative features such as those included on the Apple Card aim to reduce the risk successful financial fraud. Additionally, the inclusion of security and privacy features on the Apple Card align with Apple’s recent marketing strategy of emphasizing privacy on its products and services. While not all payment methods have the same security and privacy features as the Apple Card, making sure that you only purchase items from reputable sources and utilize a chip-reader whenever possible when making a purchase can significantly reduce the risk that you become a victim of financial fraud.
Recommendations
How can you protect yourself against financial fraud?
- Minimize the number of accounts that have direct access to your bank account or card numbers
- Choose financial services and payment cards that emphasize customer security
- Check your email, financial accounts, and credit reports regularly for abnormal activities
- Stay up to date on the news regarding recent fraud and phishing attacks to see if you may have been affected