The previous post discuses two aspects of vulnerability that makes debit card stealing more common amidst the increasing use of mobile payment systems. They include elimination of signature when making payment using credit card and use of mainstream banking services by PayPal. Actually, some other aspects also influence the vulnerability. The fraudsters become smarter from time to time, while the companies tend to overlook some crucial aspects when making mobile payment.

More Aspects of Vulnerability to Debit Card Stealing

Gas Station Credit Card

Using this card when filling your tank may look a simpler payment method. However, do you know the average interest rates of gas station credit card? According to a report on USA Today, they are almost 23,61%! This is is nearly 7 points higher than the national average rates for general credit cards. This is a fantastic rate. The gas station credit card could actually drain your wallet.

Cryptocurrency Purchase

As reported on Reuters, JPMorgan was recently sued over regarded cyrptocurrency purchases. The bank was accused of charging surprising fees to the customers, who used credit cards to buy cryptocurrencies. The lawsuit includes charging extra fees as well as surprisingly high interest rates. The customers complained the fees and interest rates but the bank refused to return the fund.

Actually, a number of banks in the United States and Britain have banned the use of credit cards for cryptocurrency purchase. This was related to the dramatic decrease of bitcoin value. As a result, the customers will likely use debit cards to make the purchase. Again, this puts them one-stop closer to the risk of debit card stealing.

Change in the CFPB Structure

The acting director or CFPB is trying to urge the Congress to change the structure of the agency. If this happens, CFPB will lose some of its ability to protect the customers. As reported on Consumer Affairs the change in the structure of CFPB will make it a bipartisan commission, which resembles the Federal Trade Commission. Loss of protection capability will eventually put the customers at disadvantageous position.

Mobile Scan-and-Go Shopping

This is one of the riskiest practices when it comes to the risk of debit card stealing. The customers are now provided with various types of mobile app, which they can use to make payments anytime and anywhere. Scan-and-go technology has some benefits for the customers. They have full control over the cumulative prices of the items they are buying. This way, they can prevent themselves from buying too much.

However, mobile payment systems also put the customers at increased risk. The customers tend to save the login and password of their account on the mobile phones. The fraudsters can steal the debit card information in many ways.

It is true that mobile payment technology has grown dramatically. However, the fraudsters also use more sophisticated technology to steal the debit card information and drain the victims’ bank accounts. Therefore, the customers, whether they are businesses or individuals, need to take extra steps to protect themselves from the risk of debit card stealing.