Tips on How to Protect Your Credit/Debt Card Online

Most of us can not do without the convenience of online shopping. Whether it means getting the best price on the latest phone, or the perfect pair of shoes, online shopping gives us access to products, services, and special deals that might be unavailable to us otherwise.

When shopping online it is important to feel confident using your credit card or debit card. However, there is also nothing like the feeling of falling victim to credit card fraud. So, it is always good to be alert about using your credit/debt card online.

 Here are some card-specific tips to keep in mind when virtually swiping your plastic.

1) Only use your credit on secure sites

 By now, you hopefully know the drill. Look for an https connection in the URL, as well as a padlock or another digital security certificate to ensure that you are only entering your details on a site that encrypts the transaction end-to-end. Don't send your credit card information over email. Read more about secure connection in my recent post 

2) Buy a prepaid card or other options for online transactions

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I advise if possible to keep online purchases completely separate from everyday credit card transactions, prepaid cards are an option to consider. These can either be bought online or from a traditional bricks and mortar retailer for a small fee.

Prepaid credit cards allow you to load a set amount of money at the time of purchase. This comes with a lot of advantages when using a prepaid card for online shopping, but the big one is that even if the card's details are compromised somewhere along the chain, there is a limit to the amount of money that can be taken.

Some banks and financial institutions will let you generate a virtual credit card number to complete purchases. This is generally a single-use number that you can enter in place of your regular number.

3) Watch your transaction statements

While many banks have sophisticated 24/7 monitoring systems designed to detect fraud and unauthorized credit card use, it's important to also keep an eye out on financial statements both online and on paper. If you spot anything suspicious, call your bank immediately or the insuring authority.

4) Use your credit card's added layer of security

Many credit cards will have an additional layer of security that might not be enabled by default. MasterCard has a product called Secure-code, which is a private code that you enter every time you make a transaction on a supported site, and is never disclosed to the retailer.

There is also Verified by Visa, which offers a personal message that greets you when you are making a transaction, as well as a password to authorize a purchase. Check with your bank or financial institution to see if one of these options is available. You can read more on SecureCode here, while Verified by Visa can be found on your region's Visa page.

On top of these safeguards, some banks also have their own verification system in place that works in place of SecureCode and Verified by Visa. This may include the bank sending a one-time PIN or security code to your phone as a second layer of authorization or token as the case may be.

Check with your bank or credit institution to work out what other protections you have if your details are compromised. Both MasterCard and Visa offer Zero Liability protection against fraudulent transactions for both online and offline use.

5) Check your browser settings

Turn off your browser's autocomplete settings to avoid it inadvertently storing your credit card or personally identifiable information.

In Chrome, go to Settings and select Show Advanced Settings. Under the Passwords and Forms section, click Manage Auto-fill Settings. Delete any credit card information that is automatically stored there, then uncheck Enable Auto-fill to fill in web forms in a single click.

In Firefox, click the Menu button and choose Options. Find the Privacy panel and look for the History drop-down box. Here, choose Use custom settings for history. Then, uncheck Remember search and form history.

 

In Safari, find Preferences. Click on the AutoFill tab and then uncheck the options to remember form data, including the credit card option.

In Internet Explorer, click the settings cog and choose Internet Options. From the Content tab, click Settings next to the AutoComplete section and uncheck Forms.

6) Be sensible about the use of your card

Reduce the chance of falling victim to a large-scale breach by not allowing the retailer to store your credit card details on file (if applicable). Enter your credit card details each and every time you make a purchase.

Also, make sure to use a separate password for every account you make with an online retailer. It should be different to passwords used for email accounts and other online services.

Something that you might not think about is the physical location where you enter credit card details.

It sounds obvious, but don't type your details out in public view where people can see your screen. For example, in a cyber cafe or on the street or public transport. It might be super convenient to whip out a tablet and make a quick impulse purchase, but think about who might be watching over you. 

7) Keeping your Password Safe

It is very important to remember your Password. When setting your Password avoid combinations that may be possible for someone else to guess.

Never write down or record your Password. Keep it secret and do not disclose it to anyone.

Never give your Password out over the telephone or in written correspondence. If you think that someone knows your Password, change it immediately.

8) Use another payment service

Blur (formerly known as DoNotTrackMe) offers a service that helps to add another layer of security between you and the online retailer. For premium subscribers, it offers a masked credit card feature that generates a new number for every purchase you make. You can also assign a set value for that transaction, so there's no chance of taking more money than you designate. It's $39/year but only available for users in the United States, although the service will roll out to a select number of other countries soon. 

For Nigeria shoppers you can try quickteller or Paga pay.