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"Prepaid cards could help consumers to minimise the risks online"

By admin | April 23rd, 2009 | Credit Cards

According to a recent report an increasing number of consumers in the UK are becoming more and more wary of shopping online using their credit and debit cards, and this is because of the rise in CNP or Card Not Present fraud, which is making many people think twice about shopping online.

The level of CNP fraud has soared over recent years, and those using their credit and debit cards online suffer the risk of becoming a victim of fraud and experiencing huge financial losses as a result.

Recent research has shown that more than half the population are now worried about shopping online because of the risk of fraud, and one in every three people knows someone that has been the victim of this type of fraud.

One report has recently suggested that an effective solution for these consumers could be a prepaid card, where money is prepaid onto the card in a similar way to a prepaid mobile phone, and the consumer can then only spend up to the amount loaded onto the card until it has been loaded with more credit.

Prepaid credit cards have become more popular amongst some people, such as parents that want to give their kids more financial freedom but still want to keep some level of control over their spending, and amongst those with bad credit who often cannot get a debit or credit card and so opt for a prepaid credit card to enjoy the ease and convenience of being able to shop without cash and shop online or by phone.

One industry official said: “Prepaid credit cards allow such people to be part of the modern day ‘plastic culture’ which allows you to take advantage of online shopping discounts as well as access to hugely popular sites such as eBay.”

Tags: prepaid credit card

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