Protecting your credit cards online
18 June 2009
Credit cards are now used online just as often as in person with internet shopping and ordering now a top option for many businesses and consumers. The online shopping and economy industry is a multi-billion dollar industry that caters for a global market, with thousands of transactions performed daily. Of course, with this online freedom and benefits are many potential dangers and threats.
Security online is a majority priority for any online business, retailer or private seller with consumers requiring assurance of protection. A report compiled by Consultants QPR on credit card fraud in Australia found that the amount of fraud transactions in a numerical figure for transactions where credit cards weren't present was approximately $71,578,908 in 2008. This is an increase of 33 per cent over 2007.
Of course, as a consumer there are several measures that you can take to protect yourself against credit cards scammers or hackers in most internet transactions notably with passwords, authentication and with online banking.
Online banking is ideal for the modern banking industry with consumers now able to check their balances, manage their credit cards, transfer funds and pay bills online for free at their own convenience with banks loving the online option as a cheap alternative to over-the-counter services. Online banking has proved popular for customers with the Commonwealth Bank alone having over 2.6 million active online banking customers.
Security associated with online banking websites will generally required an account number and password with some bank online websites extending their security further with options being pass-codes sent via SMS to the customers mobile phone, or floating on-screen keyboards to prevent keyboard memory devices, a secondary code automatically generated or an independent security dongle the bank supplies.
In terms of passwords the customers chooses themselves, there are a number of steps that can be taken to protect it from being detecting or even guessed, preventing unauthorized access to your accounts or credit cards.
Experts suggest that people create a password that is neither too short (too easy for hackers) or too long (too hard to remember). Of course, personalized passwords are the easiest to remember, but they are also the easiest to crack so it is not advised to simply use your pet's name or other simple option. Some experts suggest combining several personal words into one long easy-to-remember option that only you would know.
Additionally, a number of browsers offer the option of storing passwords in a password protected area. There are even some programs available that generate passwords for you, although experts advise that you store the password somewhere safe otherwise remembering it can be an issue.
Online banking and using credit cards online may often encounter the two-factor authentication, which refers to the additional personal information used as another safety precaution against fraudulent charges on credit cards. This may be predetermined questions set by the users account such as "What is my mother's maiden name?", which may be simple piece of information but paired with the account number, password and two such questions it makes it increasingly difficult for hackers to crack into a person financials and credit cards accounts.
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