‘Credit Or Debit?’ Cardflex’s Andrew Phillips Explores Data Security And Payment Card Types

andrew phillips cardflexInstant financial transactions have opened a veritable Pandora’s box of topics regarding payment card industry (PCI) security efforts. As we swipe our way to ownership of everything from Monday morning’s coffee to Sunday afternoon’s furniture purchase, can we be so sure that our very personal information is kept safe? Given that debit cards are tied directly to our bank accounts and credit cards – if obtained by the wrong people – can grant access to thousands of dollars in free money, some of these concerns are justified. Andrew Phillips, a leader in PCI concepts and technology, closely follows security efforts and upgrades. That’s because Mr. Phillips, whose efforts with Cardflex have allowed for the proliferation of pre-paid cards, wants the sector to flourish and advance. According to a recent Business Insider article from the online newspaper, there are a few steps you can take to keep your bank account information under wraps.


According to the article, there’s a “robust” system of fraud protection when it comes to credit cards. There’s also a “degree of separation from your checking account,” the article states, “which serves as an added safety measure.” When it comes to debit cards, this form of payment is essentially an electronic check that draws down your bank account. While there are safeguards in place to help those who had their debit card stolen, the Business Insider article notes that those who’ve been victimized will likely have to wait until the culmination of the investigation to see their stolen funds restored. When Andrew Philips founded Cardflex in 2007, he knew that this pre-paid card company would be focusing on debit transactions. That’s one reason why Mr. Phillips has closely followed safety protocols that protect payment card users. That fact that he’s been part of this industry for more than three decades is another reason why he’d like to either see safety enhancement develop them.


According to Business Insider, protection outside of thieves stealing your card information is also on the table for some credit card users. Chase, a national outlet that specializes in financial services, offered a credit card that will reward the user with protection if their travel purchases – which can’t exceed $500 — are lost, damaged or stolen within 120 days of purchase. “Debit cards generally don’t offer similar protections — that means that you’re better off using a credit card for your major purchases and travel,” the article states.” According to Andrew Phillips, whose Cardflex would later evolve into a similar company, the above example of credit card concepts is the type of innovation that keeps the PCI evolving for the better.

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