Credit Cards Have Transformed The Businesses And Our Lives To A Great Extent

Category: Finance, Credit.

We accept credit cards is a statement that you must have come across multiple times at various shops, grocery stores and other merchant outlets.

Credit cards have transformed the businesses and our lives to a great extent. This statement is generally accompanied by a few stickers( Visa/ Master card etc) . A few years back there were just a handful of shops that would accept credit cards but today you will find that most of the shops accept credit cards. These credit cards entitle you for rebates when you use them at any of the stores of that retail chain. In fact, some shops( like those belonging to a big retail chain) not only accept credit cards but also supply credit cards. With credit cards around, a lot of people have stopped carrying any cash with them or just carry a very small amount of cash with them. In fact, this is one reason why almost every merchant accepts credit cards.

That means that any shop that doesn t accept credit cards is potentially losing customers. With the evolution of internet, credit card industry too took a new turn and up came ecommerce and e- shops. Thus came the era where almost every online- shop would accept credit cards( directly or indirectly) . So, those stickers of We accept credit cards , moved on to the doors of internet shops. In fact, this was the premise on which the complete online- business industry was based. Fraud is associated with almost every financial instrument.

This is convenience at its best. So there came fraudsters too, who too said that We accept credit cards . Some of them disguise themselves as online merchants who accept credit cards as mode of payment( the actual motive being extraction of critical credit card details) . These fraudsters use a lot of techniques to commit credit card related fraud. Others are people who work at merchant shops that accept credit cards. Some other fraudsters lure innocent people into revealing credit card details in chat rooms.

These fraudsters either clone the credit cards or just note critical information from them( and use that for online- shopping) . And then there are tech- savvy fraudsters who use computer programs/ software/ devices( called spyware) to spy on the people who use their credit cards for online payments. So a lot of merchants and service providers do accept credit cards but keep in mind that the fraudsters too welcome/ accept credit cards. The spyware capture their credit card information and get it transmitted to the spy using internet. This is something you surely need to be careful about.

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