"Is it safer to not have a password on a credit card?", I used to be shocked when I saw this question; then, is it "safer to set a password or not to set a password?", after reading this article Please tell me again! In our country, most cardholders are accustomed to relying on passwords or "code signatures" to swipe their cards for consumption. There are only a few cardholders who only rely on signatures for consumption (I believe that passwords are more reliable). In other words, many cardholders People can't believe that "credit cards are more secure without passwords." To answer this question, we must first address our concerns: "If the credit card does not have a password, will the bank pay for the loss of funds? Is it troublesome?"
The following is a term - "lost card" "Guarantee" is the key word that solves the concerns of "those who don't have passwords on their credit cards".
(1) Loss of card protection is a card security service provided by credit card issuers to customers. After the customers who hold the credit card lose their card (the card must not have a consumption password function), they will promptly report to the Banks that report losses and perform related procedures are exempt from the need to bear the losses incurred by card theft within 48 hours before the loss is reported (excluding cash withdrawals, transfers and other transactions that require the use of passwords, online transactions, e-shopping, and mail-order transactions). .).
(2). The maximum annual protection amount enjoyed by the cardholder is limited to the credit limit of the credit card at the time of theft, including fixed credit limit and temporary credit limit, except for the excess deposit of self-owned deposits. , and the maximum does not exceed RMB 100,000/year/household. If you hold multiple credit cards, the credit limit of the credit card with the highest limit at the time of theft will be the maximum annual protection amount. (Different banks have higher compensation limits, such as Shanghai Pudong Development Bank’s American Express card, which has a maximum compensation limit of RMB 300,000 per year).
(3) The insurance company will compensate the cardholder for general consumer transaction theft or online transaction theft that occurred within 48 hours (different banks, 72 hours for different banks) before the cardholder’s credit card is officially reported as lost based on the actual situation. For capital losses caused by brushing, the total compensation amount shall not exceed RMB 100,000/account/year. You can learn the detailed insurance terms through the official website of the credit card. Please refer to the relevant insurance terms for specific content.
(4) Effective time of the lost card protection function: New card-opening customers will enjoy this protection on the day after their first card payment. Credit cards with no transactions for 6 consecutive months will automatically have this protection cancelled. Function. If the customer trades again after 6 consecutive months, they can enjoy this protection again on the next day of the transaction. If the card activates the password-based consumption function, this protection function will be automatically cancelled.
(5) Instructions on financial losses caused by not setting a password and bank payment (different banks will have slightly different differences).
Cardholders should call the credit card manual customer service immediately after losing the card to report the loss. If theft has occurred when reporting the loss and the stolen transaction occurred within 48 hours, the cardholder must report the loss within 48 hours after the stolen transaction occurred. Within 45 days (based on the postmark time), complete the "Lost Card Protection Acceptance Form" of the bank to which the credit card belongs, together with the original proof of the crime report (the report material must explain the misappropriation losses in detail and be stamped with the official seal of the public security agency), and a copy of the ID card Mail them together via postal EMS to: the lost card protection department of the credit card center of the bank to which the credit card belongs. The bank will investigate and verify the information, conduct an interview with the customer if necessary, and notify the customer of the acceptance result via text message within 45 days after receiving complete information. Please also note that when reporting a crime, you must provide a detailed description of the misappropriation losses suffered.
(6) If you have not activated a consumption password, you can enjoy the coverage of lost card protection: after the credit card is lost or stolen, the loss occurs within 48 hours before the loss is reported. It does not include cash withdrawals, transfers and other transactions that require the use of passwords, as well as online transactions, e-shopping, mail order transactions and electronic cash transactions. In addition, please note that the customer's own consumption within 48 hours before reporting loss is not included in the coverage of lost card protection. For detailed coverage, please refer to the "Lost Card Protection Function Details" of the relevant bank.
(7) Special note: If there is any fraud or dishonest behavior (such as personal consumption, misuse of this system), the bank will reserve the right to refuse compensation and take further legal action.
The passwords related to credit cards are introduced below. After reading them, you will understand that it is the safest (with compensation) not to set a password.
(1). Credit cards generally have three passwords: "query password, withdrawal password (for cash withdrawal), consumption password (same as withdrawal password)". After the withdrawal password is successfully set, the consumption password will be automatically activated. , both passwords are the same (cardholders can choose according to their own needs).
(2) For credit cards, you can set a withdrawal password and then activate a consumption password. If you only set a withdrawal password and do not activate a consumption password, then you can withdraw cash and require a withdrawal password, but no password is required for swiping the card (cardholder You can choose according to your own needs).
(3) If the credit card does not set a password, that is, the consumption password is not activated, then when making a purchase, you only need to check the signature. If the credit card is lost and someone else swipes the card with a fraudulent signature, then this will be investigated internally by the bank and by the acquiring bank and merchant to confirm whether the transaction was made by me. This internal process needs to be judged based on the actual situation of the acquiring bank and the merchant. If the bank identifies that the cardholder made the purchase, the bank will retain the refusal and take further legal action; if it cannot identify whether the signature is the person's, then the merchant is responsible. If the merchant is not responsible for the compensation, the merchant and the bank will negotiate for compensation; if it is identified that the transaction was not the cardholder's own (and the fraud can be found), then the bank will pay the compensation to the cardholder and then file a lawsuit in court. , the impostor will be responsible for all consequences.
Let’s talk about the hidden dangers of setting passwords.
(1) Almost all banks’ credit card regulations stipulate: “All transactions conducted using passwords are deemed to be made by the cardholder himself. Various settlement transactions handled based on passwords and other electronic information The generated electronic information records are valid vouchers for the transaction. For transactions that do not use a password, the transaction voucher signed by the cardholder is the valid voucher for the transaction. "That is to say, as long as the password is used during the transaction. The bank will treat the password as the cardholder's own, and the bank will not be responsible for any losses. Once a criminal peeks into your password, it will be very dangerous. If a password is not used for transactions, it will only be valid with the cardholder's signature. If it is not your signature (the last part of signature recognition), no matter how others imitate it, the responsibility does not lie with the cardholder.
(2) Now we make the assumption that the credit card was stolen after being lost.
In the current acceptance environment, after a credit card for consumption with a signature is lost or stolen, criminals will indeed be able to easily imitate the signature and successfully swipe the card before the cardholder reports the loss. However, since the password is never entered, there is no possibility of the password being leaked; at the same time, since it is not the signature of the person himself, handwriting experts can easily distinguish the authenticity when investigating the responsibility. After confirming that it is not the signature of the person, the responsibility is transferred to the credit card swipe. of merchants. Because the merchant is obliged to check the signature clearly, and the cashier is a special professional position. If there is no signature or the signature does not look like it at all, the merchant will bear a certain amount of losses (the POS contract terms between banks and merchants are different). If the signature is imitated so realistically that the merchant's cashier cannot tell the authenticity, the insurance company will compensate the bank according to the agreement, and the cardholder does not need to bear the loss. Under the password confirmation system, once the card and password are lost, stolen or used for cash withdrawal, the loss may be entirely borne by the cardholder.
Final summary and expansion
(1) It is precisely because of the action of entering a password that criminals have an opportunity to take advantage of it, thus making our credit cards more unsafe.
(2) Because credit cards were introduced from abroad, many regulations refer to foreign verification signatures, which is a popular foreign method of confirming transactions. Domestic dual-standard credit cards do not require a password when used abroad, and there is no card verification function through organizations such as visa or mastercard. So, after reading this article, don’t set a password for your dual-label credit card.
(3) If the card swiping verification function is not set up, once the card is lost and the loss is reported in time, even if the signature is counterfeited, the loss will be borne by the bank.
(4). After setting the password, you must enter the password every time you make a purchase. There is almost no obstruction when entering the password in supermarkets, restaurants, shopping malls, etc., and it is easy to be seen by people next to you or the cashier. , and the personal bank card password should not be known to anyone else, otherwise the meaning of the password will be lost.
When someone else knows your password and gets your card or makes a copy of it, all purchases will be considered as personal purchases as long as the password is verified, and the bank is not responsible.
(5) If the card is stolen, the insurance company or the merchant will usually bear the responsibility. This process will be very troublesome in China, and may even require a lawsuit with the merchant, which takes a long time (such as 45 days), which is why it is recommended to use passwords for consumption in China.
(6) In order to better experience the security of not setting a password, currently, most domestic credit cards use IC chip cards. This kind of card has a small payment method without password. We can First transfer part of the money through a UnionPay ATM machine (generally no more than 1,000 yuan), and then try it again.
(7) Your card has a password. When the correct password is entered, the bank believes that the consumption is acknowledged by the cardholder himself, regardless of whether the signature on the document matches the card and the The signature on the back of the card matches. That is to say, in this case, your transaction password serves as your only authentication method. ?
(8) Setting a password for credit cards is related to everyone’s inherent usage habit of setting a password for debit cards.
(9) Handwriting identification. Handwriting identification is a specialized technique for identifying writers based on their writing skills and habits, as well as their reflections in handwriting and paintings.
Professor Tu Liyun, a famous handwriting identification expert, has his own understanding of the classification of handwriting based on his own identification practice. She believes: “The handwriting features that have been confirmed and widely used in identification mainly include the following: written language features, text layout features, calligraphy level features, font and font style features, writing style features, typo features, stroke order features, penmanship features, With proportional features, marking features, punctuation marks and Arabic numeral features." Nowadays, the industry uses auxiliary portable video microscopes for on-site identification. For example, Anyty's MSA200\WM401TV and other microscope identification can magnify tiny things. At about 100-200 magnification, the material of the rice paper and the texture of the ink can be clearly seen. Information such as depth, details, and strength of the seal can be clearly seen under a microscope. Based on this information, experienced lovers of ancient paintings, calligraphy, and painting can determine the age, discrepancy, and authenticity of the calligraphy and painting.