23rd April 2013 - 4 min read
As online shopping grows in popularity, so do the risks of credit card and banking fraud. It is a scary thought to think that many merchants around the world actually have access to your credit card or bank account information and should it fall into the wrong hands, you could be in for a lot of fraudulent debt. So how do you indulge in shopping safely online?
Merchants and banks have come up with a few ways to help you keep safe when shopping online.
This ‘middle-man’ website acts as the ‘gatekeeper’ of your payment information. It works in tandem with the merchant and credit card issuer to ensure you are charged, the merchant is paid and yet your credit card information does not pass to the merchant (or anyone else beyond the ‘gatekeeper’) in the process.
If the merchant refuses to accept any of the online payment gateways above (due to the fees levied or for whatever reason), stay safe by using your card issuer’s Enhanced Security Feature. Sign your card up for either Verified by Visa and SecureCode by MasterCard depending on card type and receive a secure PIN number or password which will be required for every transaction. This ensures that no one will be able to make a payment with your credit card without this PIN or password.
In fact, you can sign up for this feature even if you are using an online payment gateway as an added precaution. Just ensure you remember your password or PIN as entering 3 wrong answers will have you card barred.
Most banks now offer SMS notifications for online transactions using credit cards. If it is not automatically given to you, make sure you call your bank to sign up. This ensures that every time your card is used for an online purchase, you are notified. Should any suspicious activity crop up, you will be able to call your bank immediately to rectify.
Online shopping can be risky; but keeping your transactions safe online has actually become a business in itself so take advantage of the options and keep your confidential bank information, confidential. If you would like to start shopping online but don’t have a credit card? Check RinggitPlus.com’s credit card comparison table to pick out a card for you.
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