A credit card is a payment card issued to users as a system of payment. It allows the cardholder to pay for goods and services based on the cardholder’s promise to pay for them later. Some merchants will accept a credit card number for in-store purchases, but many require the card itself to be present (to be with the cardholder), and require a signature. Credit card security relies on (depends on) the physical security of the plastic card as well as the privacy of the credit card number. Therefore, whenever (every time) a person other than the card holder has access to the card or its number, security is compromised (is in danger).
It seems implausible (difficult to believe) that even the president of the United States of America could have credit card problems. Barack Obama had an embarrassing moments with his credit cards last month when dining (having dinner) with his wife in an upmarket (for rich people) restaurant in New York. The restaurant cashier told him she couldn’t accept his credit card. Later, the President told his story to the reporters: “I went to a restaurant during the U.N. General Assembly, and my credit card was rejected….It turned out (It happened; it resulted that), I guess, I don’t use it enough.” He added that the cashier thought his card was being used for illegal purposes. He explained that he did not have enough cash to pay for the restaurant bill. Luckily, his wife paid the bill using her credit card and they could leave the restaurant.
Mr Obama told his credit card story on Friday while he was signing a new law to protect consumers from identity theft. In particular (Specifically), the new law tightens the controls on credit cards. Obama said: “Even I’m affected by this.” Identity theft is a growing problem all over the world. Officials (People who work for the government) in the USA think that up to (as many as) 100 million people have been affected in the past year because someone stole their private information online. The new law is called “BuySecure”. It wants the credit card industry to change from cards with magnetic strips to those with microchips and PIN numbers. Magnetic strips are old technology. It is easy for hackers to read them and put the information on other cards.
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