Credit Card Disposal through ZircoDATA
The global prevalence of credit, debit, and prepaid cards has reached a staggering 20.48 billion. However, the more significant statistic lies in the substantial $US 24.6 billion worth of fraud losses incurred by issuers and merchants, set against a backdrop of $US 34.119 trillion in total transaction volume worldwide. These numbers underscore the pivotal role of credit cards in the global economy [1].
Yet, the security of credit card details is paramount for individuals and businesses alike. A mere 30% of cardholders anticipate identity theft, yet a substantial 21% have experienced fraudulent use of their credit cards in the past year [2]. Identity thieves spare no effort to exploit discarded credit cards, which often bear valuable information, including names, signatures, expiry dates, 16-digit number sets, and Card Security Codes (CSC). The financial incentives for these fraudsters are considerable.
Legal regulations concerning the permissibility of rummaging through public waste for discarded items vary from country to country. However, these legal nuances hold no relevance for credit card thieves. The secure and absolute destruction of disused credit cards is indispensable for personal protection. Discarding an unwanted credit card in the bin is ill-advised. The only guaranteed method of secure credit card disposal is credit card shredding.
The Importance of Credit Card Shredding
Credit card shredding assumes a critical role in safeguarding personal identity, particularly in a world where identity theft is prevalent and its consequences are financially and emotionally significant. According to the 2017 Identity Fraud Study, identity thieves pilfered over $107 billion in 2017, and these statistics do not even encompass the non-financial impact on the victims. A study by the Identity Theft Resource Center revealed that 77.3% of victims reported increased stress levels, while 54.5% suffered from heightened fatigue and decreased energy. Additionally, victims of identity theft experienced diminished trust, which affected their professional and personal relationships.
These figures not only highlight the extensive financial and emotional repercussions of credit card fraud but also underscore the critical importance of credit card shredding and secure disposal. Properly destroying a credit card is essential for personal identity security, and it is equally vital to invest in the right tools to manage this destruction. Bulk credit card shredding necessitates specialised equipment that unequivocally ensures that cards and the sensitive data they contain are rendered unrecognisable and irretrievable. Such thorough credit card shredding makes it extremely challenging for anyone to piece together or reconstruct the card effectively.
Safe Credit Card Destruction
Credit card shredding requires a heavy-duty shredder capable of effectively cutting through the durable plastic of the card. Utilising credit card shredding services is another excellent approach to guarantee the comprehensive destruction of card details. ZircoDATA possesses the requisite equipment to cross-shred credit cards in bulk, ensuring that information is thoroughly shredded into minuscule fragments, including the magnetic strip and chip containing sensitive and crucial data.
It is worth noting that ZircoDATA Singapore holds a General Waste Disposal Facilities (GWDFs) licence issued by the National Environment Agency (NEA). This licence authorises our facilities to receive, store, process, or treat various types of waste. This attests to our strong reputation and stringent custody protocols for managing shredding and disposal.
An ideal credit card shredding provider should be flexible, on-demand, certified, maintain a secure chain of custody, and furnish a certificate of destruction as evidence that credit cards were responsibly destroyed and disposed of.
Best Practices for Secure Credit Card Shredding:
- Whenever possible, employ an industrial shredder with cross-cutting capabilities to securely destroy credit card data.
- When using scissors, ensure that you cut through the credit card’s signature, number sets, and CSC.
- Reduce the number of credit cards in use to minimise the risk of loss and fraud.
- Separate the credit card fragments into different waste bins.
- Pay particular attention to eradicating the data held on the magnetic strips and chips of credit cards.
Sources:
[1] https://nilsonreport.com/publication_chart_and_graphs_archive.php?1=1&year=2018#
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