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What Are The Identify Protection Features For Credit Card Holders?
An important component to preserving your credit score is identity protection. Credit card holders are an easy target for crooks who specialize at identity theft. There are important security features and processes in place to help improve your identity protection and reduce the risk of a criminal turning your life upside down.
Credit Card Signatures A long-standing security feature on credit cards that promotes identity protection is the authorized signature space. It is located on the back of the credit or debit card. The signature space serves multiple purposes.
First, if you look on the back of a credit card you might see small print below the signature space that says something like this which is taken from my Best Buy credit card,
"By signing and using this card, you agree to the terms of your Cardholder Agreement and Disclosure Statement, as amended from time to time."
In other words, the 15 pages of microscopic print that came with your credit card are locked in once you sign and use your credit card. Without your signature on the back of the credit card, anyone could attempt to pretend they are you and charge up a storm. Since you did not sign the card, some or all of your rights outlined in your credit card agreement may be lost. Among those rights are your identity protections stemming from the section of your agreement about lost and stolen cards. Read about one identity theft tip that many people forget to do as far as signing the back of their credit and debt cards.
Signing Credit Cards Promotes Identity Protection A second credit card agreement that I inspected has a paragraph titled "Sign The Card" in bold, capital letters. The language says, "For your own protection, please sign the Card before using it. Your signature on the Card is not a prerequisite to your obligation to pay amounts incurred on your account."
In other words, if you do not sign your card, but use it to make purchases, you are still on the hook to make the payment. A blank signature line is not a "get out of jail" card to avoid paying the credit card bill. A smart store clerk or restaurant server will be attentive to missing credit card signatures, but not just because they are concerned about your identity protection. If they process an unsigned credit or debit card, they could end up being held responsible and have to eat the loss themselves.
Bank Of America Identity Protection As I was preparing to write this I also inspected my Bank of America debit card. On the back it has much simpler language than the Best Buy credit card. The Bank of America card says, "Authorized Signature Not Valid Unless Signed" in all capital letters underneath the signature space. Those four words put merchants on notice that if they process the card without an authorized signature the transaction could be declared invalid in the event a dispute was filed. Another feature that Bank of America has had for many years is that they will put your picture on the front of your card. The photo is taken right in the branch. This provides a huge added layer of identity protection for when you shop at a store or dine out.
You can't have too many forms of photo identification in your wallet. Do not take credit and debit card signature lines for granted. They serve an important role in identity protection for credit card holders.
Author Resource:-
Nathan Randall, editor, Daily Dollar Newsletter provides free daily advice on money matters plus coupons and discount codes. FYI...you can now access the Daily Dollar Newsletter via iTunes podcast, YouTube video, and on Facebook and Twitter too.
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