Despite the convenience factor associated with credit and debit card payments, there are a lot of drawbacks as well. Despite introducing new security measures to reduce fraudulent payments, Visa forces retailers to swipe cards as well, which are far more prone to fraud.
Does Visa Even Care About Its Customers?
There are several ways for retailers and merchants to accept credit card payments, as payment terminals have evolved throughout the years. Adding new layers of security to the most common form of payment is of great importance, Especially when considering how card payments have always been subject to high amounts of fraud.
When customers swipe their credit or debit card through a payment terminal, the device registers the Track 1 and Track 2 part of the magnetic strip on the back. Embedded within these tracks is all of the information associated with the card, including card number, expiry date, verification code, and user information. If the payment terminal in question is infected with malware, hackers can intercept this sensitive information and use it to clone payment cards.