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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
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)
According to the Federal Reserve System (2013), the 2013 Federal Reserve Payment Study shows the number of credit card transactions grew at an annual rate of 7.6 percent, rising from 21.0 billion in 2009 to 26.2 billion in 2012. This increase in growth is expected to continue over the next several years. Another big reason the use of credit cards continue to skyrocket is safety. The credit card companies constantly advertise how safe their product is compared to carrying cash. For example, if cash is lost or stolen, it is just gone. If a credit card falls into the hands of a criminal, you have options stop the card use by calling the card company and asking them to put a hold on you card. If there are fraudulent charges made to your card, then you also have several options to have those stopped or reimbursed. Both of these reasons make a good argument why credit is safer than carrying cash. Additionally, the new credit cards come with a chip built in the card, therefore making unauthorized purchases much more
A credit card is a great way to build credit history. Credit history is a record of how somebody has repaid loans and bills, it is usually used as a guide for whether a company will lend you money(Consumer). You can also get multiple credit rewards such as cash back, gift cards, frequent flyer miles (BOA). Now, if you think about a very frequently occurring situation we can see the obvious benefit of using a credit card. Imagine you are two days away from your next paycheck from work and your money supply is running a bit short. If you were to have a debit card, you would not be able to buy food for the next two days because you do not have money in your bank account at that very moment. However, with a credit card, you can buy food without the money being directly in your bank account. You can then pay the amount you spent for food, two days later once you receive your paycheck. With this ability to charge money to your account, you are also somewhat safe from theft. Since transactions are not instant, you can report fraud to your bank without actually losing any money (BOA). While we can see that credit cards have many great benefits, debit cards can also spark people’s
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.
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.
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
By offering consumers both a means to pay for goods and services and a source of credit to finance such purchases, credit cards have become the most widely used credit instrument in the United States. As a payment device, credit cards are a ready substitute for checks, cash, and debit cards for most types of purchases (Federal Reserve, 2013).
Dependency on internet connection to make payment is one of the major reasons for less adoption of digital wallet.
The use of credit and debit cards today are taking a tour in the sense that electronic cash is becoming more admissible as the world makes a switch towar...
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
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
Digital money is undeniably convenient; anyone who has used a credit or debit card understands this. However, the era of digital money is only beginning; rapid technological advances will continue to make paper money a remnant of the past. Several innovations are already lessening the burden in your wallet. For instance, the seemingly innocuous mobile phone is actually playing an increasing role in facilitating monetary transactions, especially in Asia. Already, in Japan, large companies such as Coca-Cola have sanctioned vending machines that are not only compatible with common cell phones but also allow consumers to earn credits for using them (Kupetz). In this regard, the United States is strikingly behind the times when compared to other countries. Another new technology in the vein of mobile phones is no-contact cards. These innovative cards do not require a cashier to conduct a transaction; one simply holds a specia...
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.
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,