Every other day reports emerge of frauds and subsequent arrests related to credit card frauds. There are many examples that highlight a growing trend of frauds and scams related to online transactions generally done with the help of credit or debit cards. According to the Assocham-Mahindra SSG Report, 2015, the number of cybercrimes, which was at 13,301 in 2011, may touch 3,00,000 in 2015. Of the reported cybercrimes, credit and debit card frauds top the list and have seen a six-fold increase in last three years.
In light of the above facts, what should an online shopper do or not do? Can you just stop using your credit card online or pray that it does not happen to you?
Be careful when using credit card online
Online shopping is very convenient but by using credit card online, you expose yourself to potential frauds. While choosing a card, it is important that you focus not only on the fees, credit limit, reward structure etc. but also on the security features of the card. Though quite a few rules have been put in place mandatorily by the Reserve Bank of India (RBI), it is important to be sure that your credit card issuer is also committed to customer safety. Bank websites are often hacked into, resulting in stealing of customer credit card details which are then used to make fraudulent transactions. Remember: if the card company does not have proper security systems in place, it makes you vulnerable to frauds.
Here are a few things you can do to avoid online shopping frauds:
1) Never save/store your credit card number on a website: Storing card number on a website exposes you to a lot of potential threats. When you save your credit card details, it is available to the website as well as hackers trying to commit fraud and anybody else who may use the same laptop/computer/mobile apart from you. You may feel that entering the same information again and again is tedious, especially for a website you use regularly, and that your device is used by you alone and so it is safe. Think again. The effort is worth it as by saving your credit card details, you are making things easier for those trying to commit a fraud.
2) Use secure websites: There are numerous websites available for shopping. Before getting lured by special discounts, trendy designs and fast delivery promises, check for the security features of the website especially when making a transaction on a new website. Check the website’s URL, which should begin with “https”. Also, there should be some indication on the website to ensure that it is secure, like the sign of a lock or a ‘Verisign’ website. Generally, all websites mention the recommended security guidelines, mode of payment to be used etc. for the safety of use. Read these carefully before using.
3) Be careful with names: Do not follow a link that is sent to you in a promotional email to transact. Many a time, those looking to commit frauds create websites having similar names, design and layout as the originals to trick buyers. The difference in name might be too subtle for you to notice and you may end up buying stuff from a dummy website. Type the name of the website yourself.
4) Avoid public terminals: Using public terminals or transacting over a Wi-Fi network makes the user more vulnerable to credit card misuse. You can never be sure about the safety of a public terminal or who will use it after you. The information you enter can be hacked into and may also be available to other people using the terminal.
