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125
on a payment, the card issuer can deduct payments on the card out of the deposit. Secure
credit cards are an advantage to anyone with poor or no credit history. They are often
offered to people as a means of rebuilding one's credit. Secured credit cards are available
with both Visa and MasterCard logos on them.
As well as convenient, accessible credit, the cards offered consumers an easy way to
track expenses, which is necessary both for monitoring personal expenditure and the
tracking of work-related expenses for taxation and reimbursement purposes. They have now
spread worldwide, and are offered in a huge variety of permutations with differing credit
limits, repayment arrangements (some cards offer interest-free periods, while others do not
but compensate with much lower interest rates), and other perks (such as rewards schemes
in which points "earned" for purchasing goods with the card can be reclaimed for further
goods and services).
In addition, some countries such as the United States limit the amount that a consumer
can be held liable for fraudulent transactions , which shifts the liability to the merchant. This
encourages the use of credit cards for electronic and mail order transactions, collectively
called "card not present" transactions. For further security, some banks are offering one-
time numbers for use in these transactions. They have spread far and wide beyond their
initial market of the wealthy businessman and are now ubiquitous amongst the middle class
of most Western countries.
The relatively low security of the credit card system presents many opportunities for
fraud. However, this does not imply that the system is broken. The goal of the credit card
companies is not to eliminate fraud, but to reduce it to manageable levels , such that the total
cost of both fraud and fraud prevention is minimised. This implies that high-cost low-return
fraud prevention measures will not be used if their cost exceeds the potential gains from
fraud reduction. This opportunity for fraud has created a black market in stolen credit card
numbers, which must generally be used quickly before the cards are reported stolen.
Three improvements to card security are being introduced to the more common credit
card networks at the time of writing. An additional 3–4 digit code is now present on the
back of most cards, for use in "card not present" transactions. The on-line verification
system used by merchants is being enhanced to require a 4 digit Personal Identification
Number (PIN) known only to the card holder, and the cards themselves are being replaced
with similar-looking tamper-resistant smart cards which are intended to make forgery more
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