Recently NBC Nightly News brought to light the growing trend of online transaction fraud, as consumers it is important to take steps that will protect your personal information.
With the rise of pin and chip cards, it seems as if some consumers may be letting their guard down. Online transaction fraud is a growing issue as consumers feel a false sense of security with the presence of a “security chip”. The disconnect appears to be that the cards do in fact make the shopping experience safer in brick and mortar locations where a terminal is present, but does not provide additional security for online ordering when a card number is being entered by hand.
These types of transactions are known as card-not-present fraud and had a current estimated cost of $3.2 billion last year and is expected to increase to $4 billion this year. The rise is expected to continue for the foreseeable future with estimates reaching as high as $7.2 billion for the year ending 2020.
Here are some helpful hints to protect yourself when shopping online:
- Don’t save credit card information on store websites
- Be sure you are using the sign out/logout options after every online transaction, especially if you are using a public computer
- Do not store credit card information in your browser
- Always use password protected WI-Fi like you would normally have at home
- DO NOT USE OPEN OR FREE NETWORKS when entering personal information that includes passwords, credit cards, or other sensitive personal data
- For added security you can also close your browser and re-start after each online transaction
