Related Credit Card Article

"Protecting yourself against CNP fraud"

By Reno | April 17th, 2010 | Featured, General

Over the years a rising number of consumers have become increasingly reliant on their credit cards, and this is because these pieces of plastic offer the ultimate in freedom, flexibility, and convenience, doing away with the need to carry cash around and enabling users to buy the things they want right away and pay for them later.

However, one of the issues that has caused concern for credit card users is the issue of fraud. Many card users are in constant fear of falling victim to credit card fraud, and in particular the type of credit card fraud known as CNP or Card Not Present fraud.

With CNP fraud the fraudster does not have to physically be in possession of the credit card when making a transaction, and examples of this would be purchases made online, by phone, or by mail order where only the details of the card are required and not the actual card itself.

With more and more people using the Internet to make purchases, which involves inputting details from their credit cards, fraudsters have found new and sophisticated means of extracting the data that they need from the card via the Internet, and once they have obtained the details they can go about their fraudulent business.

Whilst there have been suggested from industry groups that the level of CNP fraud actually fell over the course of 2009 many are still understandably concerned about this type of crime, and for many this puts them off using their card online, stripping them of the freedom to enjoy the huge choice of services and goods that can be purchased via the Internet.

Whilst there is no reason why consumers should not be able to enjoy the benefits of making purchases online it is important for those that do this to be safe and careful about entering card details on the Internet. The most important thing to bear in mind is that the site that you are buying through should be a safe and secure site. You can determine this by the padlock sign on the website or the address, which should start with https, both of which indicate a secure site that encrypts your data.

A member of the UK Payments Council advised: “You should satisfy yourself that whoever you are dealing with is a bona fide business. You can do that by making sure that they’ve got an address and a landline phone number on their site and also by checking that you have the option of signing up for either the Verified by Visa or MasterCard SecureCode payment.”

 

Tags: credit card fraud, Credit Cards, fraud, Online shopping

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