The convenience that online shopping offers is hard to resist. With just a few clicks your shopping is done and you just need to wait for a couple of days to receive your merchandise. There is no need to go to department stores and spend time going through the items on sale. Marketing websites also offer discounts not available when you purchase them directly from the store.
To pay for what you shop online, you could either pay using your credit card directly or could use online payment platforms. You need to sign up and link your credit card to automatically pay. As this payment option gets popular, it becomes the target of fraudsters. Though some banks offer insurance to make you not liable for any fraudulent charges other people make on your account, going through the process of filing for claims can be a hassle. It may take for at least more than a week for them to take off those fraudulent charges. And while the charges are still in your account while the claims is being processed, they accrue interest. Bankers may suggest to pay for those to avoid interest to accrue and will just refund you once the process is completed. Not a very customer-satisfying idea, but that is how it works.
To save you from these inconveniences, let me share some practical tips on how to protect yourself from fraudulent charges on your online payment account.
1. GET A PRE-PAID CARD
Some banks offer pre-paid card that can be used to pay for your online shopping. This can be linked to your online payment platform as well. The following are the advantages of getting one:
a. It has a totally different number from your credit card or debit card
b. You may load only the amount you need before you can make the purchase
c. You can enroll it to your online banking account which makes your card easier to reload
d. No maintaining balance
e. You will not be charged on interest or annual fees
f. 100% approved when you apply one, it will only take one week after your application to get yours
g. It can be used where master cards are accepted
h. You can still enjoy discounts and freebies
2. AVOID SOCIAL ENGINEERING
Part of the modus operandi of fraudsters is to trick people to disclose personal information like username and passwords. Never disclose any of your personal information to anyone. Do not send username and passwords even to your family and friend’s email. Emails can easily be intercepted...