Credit card usage among Malaysians is growing along with online shopping. Most Malaysians who own credit cards fall in the age group of 21-40 years, which is a young demographic. 80%of those who own credit cards in Malaysia earn below RM5000. If you are in this group, then you cannot afford to fall prey to a credit card fraud. Ironically, online credit card fraud can be easily prevented with a few precautions. Here are a few ways in which you can protect your credit card details when you shop online:
Use an Online Payment Gateway
Make sure the site your buying from uses an an online payment gateway, which acts as a sort of ‘middle man’ between the vendor and the buyer. The site works with the vendor and the credit card issuer to ensure that the vendor is paid for the transaction. Only the payment is passed on and not the credit card details. Examples of online payment gateways include Ipay88, MOLPay, and PayPal.
PayPal is one of the most popular and secure ways to transfer and receive money online. It is accepted by most eBay sellers and online vendors. While buyers can register for free, vendors have to pay a small fee to withdraw their money.
Registering is easy and you have to enter the information only once. The transaction is processed instantly. If you are a vendor, the money coming into your PayPal account will be transferred to your local banking account, every day.
Ipay88 is very popular way to make and receive payments in South Asia. In Malaysia, the service accepts payment in Malaysia Ringgit, in 16 payment options including Visa, Mastercard, American Express, Bank Islam and more.
Use the Enhanced Online Credit Card Security Feature
If the vendor is not receiving money through Paypal or Ipay88, you can still protect yourself by using the Enhanced Security Feature provided by your credit card company. If you have a Visa Card, sign up for the Verified by Visa service and if you have a Mastercard, sign up for SecureCode. You will receive a PIN number or a password. Once you have registered, whenever you make a payment online using these cards, the payment portal will ask you for this PIN.
Be Aware of Phishing Websites
Some fraudsters may attempt to gain access to confidential information like your Credit Card/Debit card number, card expiry date, Customer ID through a phishing website. The website will look like the authentic website. Always verify the URL of the site; it should start with ‘https://‘ and not ‘http://‘.
Verify if there is a padlock symbol on the upper or lower right corner of the window. The symbol stands for the security certificate. Fraudulent sites will not have a security certificate or if they do, they will be invalid.
Sign-up for SMS notifications
Most credit card companies, now send SMS notifications whenever you use their credit card to make a transaction. Sign up for this service, if you have not done so already. Every time, your card is used to make an online transaction, you will be notified.
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