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Methods of protection against identity theft essay
Methods of protecting against identity theft
Preventing identity theft research paper
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Over the last ten years people in the United State and around the world have heavily relied more on their debit or credit cards to process transactions of their purchases. In the old days it used to be when you would get your paycheck on Friday and rush to the bank during your break or lunch in order to cash withdraw your funds or deposit them into your account. It used to be where you carry cash to buy groceries, pay bills, and go shopping. Now some people don’t even set foot inside their bank branch because they are paid using direct deposit or the funds are loaded into a debit card provided by their employer. Many employers from around the globe don’t even issue paper check anymore. Bills are often times paid online, babysitters are accepting …show more content…
My first reason is that not everyone in the world takes only forms of electronic payment but also in the case of a city-wide emergency where there is no electricity there is no way to pay for items as a time of disaster. That would cause a panic among people who cannot obtain supplies. Some places are not that safe to use your credit card information that contains confidential identity that then it is quite difficult to fix fraud cases. Identity theft is a big issue that is hard to control and many skimmers who are always trying to steal your important information exist. According to article published by Bloomberg that big banks in Sweden are embracing a cashless society. Mostly of all the major banks in Sweden don’t even handle cash transactions anymore. They have claimed that it is costly to handle cash transactions and make more money with debit card transactions that they charge. They also claim to have less bank robberies since they are no longer carrying cash. Swedbank claims that most of their customers are now doing all of their banking online such as paying bills, restaurant tabs and …show more content…
I pay my balance in full at the end of every month and benefit from the different cash back rewards programs offered by the banks. My paycheck and even financial aid money is deposited to my bank account electronically. Using the mobile apps to look and manage your money on the go makes it really convenient. Although most of my transactions are done online I still do keep some money at home and in my wallet. There are always places that I go to that do not take credits cards. I like to leave tips to my servers in cash so that they can the money right away. If a panic ever comes when there is a citywide blackout and there is no way to cash out money from the ATM it is good to have a backup. I think that we should not do away with cash yet. There is still a big population of older generations who are not computer savvy and could fall victims of identity theft because they don’t know how to catch spam or spyware right away. Our habits are changing on how we pay for things but we still need to have cash as an alternative maybe not print that much cash so there is not too much spending on printing
...ome--this kind of innovation makes a huge difference. You're less tempting to rob if you're not holding any cash.(Gates)
Pennies are also wasting people's time and money. when people have to fish pennies out of their bags it takes on average 30 seconds that's take out of their day to find useless pieces of metal the fact that a person have to waste on average 4 hours a year to fish out a penny to pay for their items is ridiculous if they could just hand them a debit card actually pay for whatever (Source B)
Everywhere public place you go it is hard not to run in to the idea of the credit card. You will see credit card logos on the front of every business. Every department store you go in has it’s own version of a credit card from Target to Macy’s. The Diner’s Club Card that originally was only for businessmen to eat lunch at 27 different restaurants. Now it is accepted almost everywhere. And for everything else there’s Mastercard……(or Visa, Discover Card orAmerican Express.
Having a credit card can be a great thing if you learn how to use it effectively. In the article The Case for College Students to Have Credit Cards by Erin Lowry she states that “Credit cards also offer students without loans the opportunity to establish their credit and spend four years proving they are responsible borrowers before graduation. Lest we forget, recent grads who don’t want to return to their parents’ basement will need a credit score to get their own apartment or house.” When you are in college or done, you should start to look for your own place, whether it be an apartment or a house you will need a credit score to be able rent or purchase a home. Credit Cards are amazing little plastic things if you think about it, but they can also not be a such a great thing. They can produce the small but big scary word that no one wants to think about; debt. In the same article by Erin Lowery she says “A credit card shouldn’t be used any differently than a debit card, except you have to pay your bill at the end of the month instead of automatically seeing the money get deducted from your account.” I couldn’t agree more. It is essential to understand this part of having a credit card because if you don’t repay your balance then you are just getting yourself in a sticky mess. Learning what debt is and knowing not to get yourself to far into debt is a “key to success” when
Much has been written about the dangers of misusing credit cards, and it is true that many people have run into serious problems because of the careless use of credit. Used properly, though, credit cards can be a source of many benefits, and can provide certain protections and warranties not available when paying by cash, cheque or debit card.
The usage of credit and debit cards have dramatically increased in the recent years. There was a projected total of 160 million credit card holders in 2012 and 654 million debit cards in 2015 (WalletHub/Nasdaq). Both credit and debit cards are methods of payment that do not require you to have cash on hand. Even though both a credit and debit card accomplish the same thing, there are many differences between the two methods of payment that could sway a customer’s choice towards one over the other.
The first theory is that there is an elite group of people, no one knows who they are, but they want every single person to be using electronic banking, virtual money. What is virtual money? Virtual money is what it sounds like money that does not exist, but yet at the same time it does. No hard cash like bills and coins. Some examples are credit cards and debit cards. Why do they want every single person possible to be on electronic banking? The reason is pretty simple they want to cause chaos throughout the entire world.
Money has evolved with the times and is a reflection of the progress of man. Early money was itself a physical commodity, grain, gold or silver. During the vital stage, more symbolic forms of money such as certificates of deposit, bank notes, checks, letters of credit, bonds and other forms of negotiable securities came into prominence. Social development transformed money in to a trust, “In God We Trust' it says on the back of the ten-dollar bill.” (The Ascent of Money, 27) Today money is faith in the person paying us and belief in the person issuing the money he uses or the institution that honors his money. This trust has no end it can be extended to a greater number of individuals.
When it comes to convenience credit outweighs cash. It’s always easier just to pull out a card and swipe rather than pull out cash and should give exact change. Swiping a credit card is also less time consuming which can be convenient when running low on time. Credit also lets you keep track of your transactions, that way you know where your money is going. I know personally that keeping track of my
We all have to pay, but how the question remains. While online purchasing has become a very popular choice to buy specialty items, as well as our everyday items, some people still prefer to shop at local shops. Whichever way you decide to shop, you must still find a method of payment that is right for you. Two of the most popular forms of payment are cash and credit. Cash payments have been around for many years, and is still a widely accepted and preferred method of payment for many. This form of payment was around long before the others were introduced into our society, which aids in the popularity with our older generations. However, recently the popularity of credit has greatly increased due to several reasons; convenience and the
Whether it is traditional banking or online banking, it depends on people’s preferences and what they are most comfortable within managing their financial transactions. Some people prefer to interact individually with the people who are managing their money and feel secure that they can talk and discuss about their finance so, they may prefer traditional banking. Other people like to do things easily and quickly, hence they may choose to use online banking because it will be more convenient for them to make bank transactions. Both conventional and e-banking have their benefits as they are convenient in their own ways and offer variety of services to tend to their customers’ needs. Nevertheless, they also have their own share of drawbacks in securing and providing their customers. The banking system improves everyday so that it can utilize its functions to accommodate their customers. People may be confused when some people argue that one method is better than the other, but it is the people that choose their own way of banking whether it is traditional banking or online banking. If the customers are no longer able to feel at ease or they find that the way they are banking are no longer convenient for them, they can always switch to the other method. Thus,
Innovation plays an important role in both social and economic developments. Many products and services were innovated exploiting the latest technology to enhance human life standards. One of the most important innovations is the plastic payment card. Paying with plastic cards is considered a revolution in the payment industry. This radical innovation was first limited to specific locations to where it belongs at the very beginning, but with the incremental improvement in the related systems and technologies used in developing those cards, they eventually changed from single purpose to multi-purposes in which they can be used for even hundreds of services as long as the limit allows all over the world. Use of plastic cards is very convenient and secure and this is the main selling point of the cards. Individuals as well as businesses prefer the use of credit cards for this purpose. However, there are a number of risks associated with these cards. Fraud and security risks have increased especially with the introduction of Internet, the benefits of plastic cards for payments still overweigh the risks associated to their usage and are still seen as one of the best innovations in the payment industry. This paper will highlight some general innovation theories and focus on the contribution of payment cads, as an innovation, to our live and economy as well as addressing some of this innovation’s controversies and risks.
The introduction of the credit card first came around while the economy was booming in the early 1950’s. American consumers were in buy mode and the credit card was a genius idea to let people buy now and pay later. At first look this idea seemed great but what looks and sounds great does not always mean that it is going to be great overall. Over the years credit agencies have released thousands of credit cards with several questionable polices and high interest rates. “Any given American family in the present day possesses an average of eight credit cards with about 15,000 dollars of debt”(Canner 8). Many consumers have become addicted to wasteful cyclic consumption and living beyond their income due to the ownership of credit cards. The invention and continued implementation of credit cards into the American economic and social systems appears to be the cause of the struggling economy, the weakened U.S. dollar, the sky rocketing prices of gas and grocery store goods, the all-time highs of American debt, and social deprivation in some regions.
Money in a traditional sense no longer exists. Money is becoming much of a concept than a physical material, and most ordinary bitter have not see the reality of the switch. People today are using credit and debit cards on a regular basis and in everyday situations such as meal purchased at fast food, highway tolls, clothing, groceries, gas stations, etc. all of these means of systems could be regarded as a cashless society or world. The question we might ask ourselves is what is a cashless society? What are the implications of living in a cashless world?
In conclusion a cashless society seems positive and quite close that we actually think, but the main issues of these opportunities will solely depend on whether the benefits would outweigh the disadvantages. We can already see that many people agree with the government on the cashless economy but on the other hand other people such as Christians will not probably accept this as a norm. It is vital to understand if society moves to a cash free economy, the benefits must distinctively overshadow in the end. It appears that much has been done in terms of the awareness of a cashless society as technology advances in progression with the use of electronic devices and system without the exchange of anything tangible. However