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How can technology improve credit score and prevent credit card fraud?

Posted In Business - By Techtiplib on Saturday, April 7th, 2018 With No Comments »

Using credit cards or rather plastic cards is not just about availing credit in times of trouble. It is also about improving your credit score. Prior to getting an insight into aspects related to credit card fraud prevention and technology to improve plastic card safety, let us quickly find out what is credit score.

Digital Credit Card

Credit score- What is it

It is a number that indicates your credibility and your repayment behavior in the event you avail loan. The range of credit score is between 300 and 850. 300 in your credit report means that you have not been responsible with your finances and 850 indicates that you have been financially responsible.

You can check your credit score from time to time from the various credit bureaus. You are entitled to free credit reports once a year from the credit bureaus. By doing so, you can match to find out whether there are any discrepancies.

Credit score is a vital parameter that determines your financial stability and how you can use the number to avail a number of benefits like taking out a mortgage and availing other financial services or opt for insurance.

Ways to improve credit score using technology

These days you will find that technology has helped individuals not only to work out a budget but it also assists and guides individuals to chalk out and rework upon their spending habits.

  • Budgeting apps

There are apps that do this work. These tools are available on Google Drive and they not just help you in working out a budget but will also calculate for you the amount you can afford to spend with your plastic cards. The various categories under which you can organize your budgeting include Transactions, Budgets, Trends, Goals, How to save, and Investment planning. There are different types available in the market and the one that suits you the best must be opted for.

  • Debt calculators

If you are in debt and finding it hard to pay it off, the debt calculator can be of immense help in this regard. These tools can be found in many reliable websites. Alternatively, you can also browse through Crediful for more information on the same. These calculators are available online for free.

Ways to improve credit card security using technology

Just as new technologies have helped in improving your finances, similarly, technology has also made it possible to enhance plastic card security. Let us see how.

  • Tagging location

Thanks to technology where your card is safe even while you are traveling. Oftentimes, it so happens that your plastic card get declined while you are traveling. This happens because the credit card issuer is of the opinion that your card may have been stolen.

With the help of technology referred to as location tagging, it is assessed whether the location of your mobile is the same as your physical location.

For instance this provision is made use of by Visa. As such, whenever a transaction is being carried out, both the locations are matched, namely, your location and that of your card. In fact, this service has also been incorporated into mobile apps.

  • Biometric logging

Another technology that has ensured that you do not become a victim of credit card fraud is that is biometric logging. Known as biometric fingerprint scanning, this is a process in which the card holder is required to store their fingerprints when they sign up with a bank for credit card.

The identity of the cardholder is verified on a sensor that is embedded while the transaction is being carried out in the retailers’ terminal.

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