Articles on Credit | Topics: credit, creditworthy, creditworthiness
by Edgar O'Connor
In the age of the internet and busy schedules, more people are finding it more convenient to do their shopping and banking online. Nowadays, people are working longer hours and are too busy with other activities to be able to fit in time to travel to the local shopping center. Instead they can go straight home from work and with a few clicks of the mouse, have a package ready to ship to their front door. The internet now comes first before the importance of the television and telephone. Playing an important part in people's lives, the computer is the fastest way to communicate, bank and shop. Many online consumers are using debit and credit cards to pay for their purchases, while other methods such as e-wallets, Paypal, mobile and other wireless transactions are following close behind.
The Federal Trade Commission (FTC) wants all online consumers to be well informed about the new payment technologies and how the consumers can make their online transactions as secure and as safe as possible. Although it's impossible to control the fraud and deception on the internet, the FTC encourages all online consumers to take the necessary steps to ensure the security of your personal information and all other online transactions.
Many online consumers use their credit cards to pay for their online purchases, while others choose to use their debit cards, which automatically authorizes an online merchant to electronically debit your bank account. Many debit cards require the consumer to use a personal identification number (PIN) or some other form of identification or signature to complete a transaction. Your debit card may also have an Automated Teller Machine (ATM) card that also can be used to make purchases online. Some debit and credit cards have both features and you must select the payment option you wish to use at the point of sale. Keep in mind that just because a credit card and debit card looks alike, they both function differently. The credit card debt is billed to you, while the debit card debt is transferred out of your bank account almost immediately. Also, the liability limits for a stolen, lost or unauthorized use of a credit card are very different from the stolen, lost or unauthorized use of a debit card.
As an online consumer, it's up to you, and only you, to protect yourself from theft. Here are three ways to make sure that your online credit card transactions are safe:
| Quote of the Day |
In the Corner Store, near the village center, hangs a large sign reading: ‘After 40 years of credit business, we have closed our book of Sorrow.’
| —For the State of Maine, U.S. public relief program (1935-1943) |
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1. Use a secure web browser. Using software that encrypts online purchase information will help to secure your transactions. Make sure that your web browser is updated on its encryption capabilities. You can ensure this update by using the latest version of encryption software from the manufacturers. Some web browsers offer free downloads over the internet. While submitting your information, be sure to look for the icon "lock" in the web browsers status bar. This will ensure your information is secure during the transmission.
2. Read before you write. Never provide any personal information to any website before first checking with the website's privacy policy. This way you can be aware if your information will be shared or used in any way with other online merchants. You will also want to know exactly what security features are established so your personal information can not be acquired fraudulently. You should be able to understand the privacy, shipping and refund policies before you provide any information or make a purchase. If after reading the privacy policy, you are not comfortable, then you may want to consider taking your business elsewhere.
3. Review all financial statements. Always review your bank and credit card statements and look for any unauthorized purchases or errors. Statements can be fairly confusing to look over, but take your time and be thorough, if you notice anything questionable, contact your bank or credit card company immediately. You should also contact these financial institutions if your purse or wallet is lost or stolen, or even if you think there are unauthorized uses of your accounts. Always keep records of your online transactions and read all your emails from those merchants from which you have made purchases from. Those merchants may be sending you important information about your purchase or account with them.
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Please note: All personal opinions expressed in the "Three Ways to make sure your Online Credit Card Transaction is Safe" article belong to the contributing author and are not necessarily shared by LoansCreditConsolidation.com. |
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