Today over 4 million transactions occur over the internet in just half a day. These transactions are done through an individual’s online banking sites, credit card, PayPal and other fund transferring companies. Using your credit card for online purchases is the most common occurrence, however all these transaction raise some serious security issues.
For starters, allowing online credit transactions make you vulnerable to online theft. Not just money but also identity theft. When you confirm an online transaction through credit cards, you normally have to type in most of the card details and also some personal information. If the site you are trading on is authentic then you can be at peace but if it’s a scam and you are being fooled then the information you provide can allow the thieves to simply steal your identity and make online transactions themselves, portraying themselves as you and charging it all to your credit card.
Sometimes it’s not even that hard. Many people store their credit information on their computers and phones so that it is easy for them to find it when they need to. A hacker needs only to access the system where the information is being stored to use it for his own gain. For all these security issues, one needs to be prepared and prevent any kind of losses.
Taking Precautionary Measures
The fact that you don’t need to carry cash when roaming in the market really brings peace of mind. All you need is a credit card that can easily allow you to make your transactions with a single swipe. However credit card hacking occurs mainly when the information is being transferred between the store and the bank. An experienced hacker need only to tap into this connection hack all your account details.
Hence when choosing to issue a credit card in your name, you should always refer to the bank you are dealing with and ask them about the kinds of security measures they have against hacking. Next, ask them about their policy on credit card fraud. Normally you may not be informed about credit card theft till a transaction occurs. Large multinational banks arrange insurance for their credit card owners in case of theft.
Only Storing Information You Need
Even the bank never provides you with security information over the internet or telephone line. You are always requested to visit the bank branch in order to collect them. The best security measure you can take is making sure that the information remains on paper, in a safe place at home. Pin numbers, personal information provided to bank, all can be used to get detailed information about your credit cards. Leaving them online for a hacker to steal it only makes you vulnerable. Installing firewalls and password protected admins can help if you must persist on storing your information digitally.
Finally, never leave your credit card anywhere. Hotels, shops and sometimes banks request to hold your credit card as a insurance till the end of your visit. Here you have a risk of any unauthorized personal viewing your card while it is in possession of others, you can ensure the management by swiping the card yourself and leaving an advance payment in case they have security issues.