Due to the winter weather, some Pinnacle offices will be closed or have reduced hours. All weather updates will be posted to PNFP.com/Weather.
Due to the winter weather, some Pinnacle offices will be closed or have reduced hours. All weather updates will be posted to PNFP.com/Weather.
Even as the world edges back toward “business as usual,” people continue to rely heavily on doing business digitally – with online shopping, delivery, curbside pick up, and alternative points of sale. Many people are still working remotely, which further decentralizes business purchasing decisions and activity, depending on digital processes to manage it all.
The dominant payment form for all this activity? Cards. In the U.S., they’re used for 47 percent of all e-commerce transactions, or $348.74 billion in annual online sales, according to data from JP Morgan. Whether you’re the head of household or owner of a business, you know what a challenge it is to keep tabs on all the credit, debit and purchasing card activity that happens on a daily basis.
Security features become very important, not just for reconciling accounts, but for preventing fraud. In the digital shopping frenzy of the past year, scammers have taken full advantage of the chaos. The United States is the most credit card fraud-prone country in the world.
To mitigate your risk, here’s what to look for in the cards you use.
For debit cards, which are tied to your checking account, look for personal controls:
For credit cards, which could carry more consumer protection for fraud, select cards with premier services:
For businesses that put purchasing power in the hands of multiple teams and individuals, purchasing cards are a popular choice, and key security features include:
Plastic-free options prevent fraud because there’s no physical card and they’re used for specific purposes. These include:
And for companies employing drivers, fleet card security features to look for include:
All of these security features allow cardholders to put some parameters on authorized transaction types and amounts – with settings that can vary by individual user – while alerts and reporting assist in management of payments and reduction of risk.
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