New plan to cut down on credit card fraud

Credit Freeze and Thaw Guide

Protect yourself when you pay debit

By Clark Howard

ClarkHoward.com

The days of entering your credit card number to shop online may be over.

In an unusual move, archrivals Visa, MasterCard, and American Express are proposing a new industry standard to make online shopping more secure. While the details are still being decided, this interoperable technology will likely center on the use of digital payment "tokens" for online and mobile transactions.

In plain English, that means you'll have to complete a one-time set-up for each device you have -- laptop, PC, tablet, smartphone -- thus giving it a unique code and tying it to your credit card. The token then eliminates the need for a merchant to have your credit card number at all. read more