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The annual cost of identity theft is in the hundreds of millions. As a result, new technology has been developed by credit card companies that they hope will cut buck on identity theft. Below is information that details the most recent technology ideas for averting identity theft and credit card fraud, as well as additional tips that will help protect you from becoming a victim of identity theft.

One aspect of the technology includes the changing of numbers on cards with every purchase. Master card has been working on developing a 'contactless' technology that permits card users to merely pass their cards in front of a reader as opposed to swiping them.

American express has also developing their own version of contactless technology. The card will contain a radio chip that will result in your purchases automatically showing up on your account. The method this technology works to curtail identity theft is exciting -- each transaction creates a one-of-a-kind digital signature that changes with every transaction. Since the technology utilizes radio waves, the company can instantaneously confirm the digital signature.

Anticipate contactless card technology to grow quickly. Credit card companies are hoping that with the investment of millions of dollars in these types of technologies, the cost of identity theft -- which the credit card companies and their insurers have to pay -- will decline.

Below are some additional tips that will help you protect yourself from identity theft:
Only carry credit cards you know you will definitely need. There's no reason to constantly have a wallet full of cards with you. Store all of the cards you do not use at home, in a protected place, preferably in a home safe that's flood and fire-proof.

- Make front and back copies of everything that you have in your wallet. This will help you identify and cancel all credit cards that are missing if your wallet is stolen.

- It is very common for thieves to go through garbages, looking for personal information that may be listed on credit card receipts, bills, any sort of billing statement, etc.. Be certain that they can not read yours by cross shredding any sort of identifying information before throwing anything away.






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