How to safely use your Business Credit Card online
It is a fact that cases of Internet credit card fraud have grown slowly over the years. However this is to be expected as the number of people making purchases over the internet has also risen. In 2006 it was estimated that 26.4 million people shopped online and that there were upwards of 372 million transactions. Despite these figures there are signs that Internet fraud is becoming more and more difficult to commit. Between 2004 and 2005 cases of Internet, phone and mail order fraud rose by 29% whereas between 2005 and 2006 they only rose by 5%. Why is this you may well ask? The reasons are simple: better card security and greater public awareness.
If you’re concerned about Internet credit card fraud then there are a number of things that you can do to practically negate all risks. One of the most common mistakes that people make, when making purchases online, is failing to check whether the site they are using is secure or not. The UK Card Payment Association, APACS, says that over 50% of people making card payments online fail to carry out simple checks to make sure their transactions are secure. If you look in the address bar at the top of your browser window you will see the website address that you are currently viewing. Prefixed to the address, before the ‘www’, is the code ‘http’. If you are viewing a secured website, one in which you can enter your card details, this will change to ‘https’; the ’s’ simply meaning ’secure’. Another way to tell is to look for a security icon, either a padlock or broken key, at the bottom of your browser window.
One of the simplest methods that criminals use to collect card details is through the use of bogus emails. Even though these scams are well documented (and warnings are issued in the press and by banks) thousands of people fall for them each year. If you receive an email with a link in it you should simple ignore it. The problem is that the link may appear to be genuine but in fact redirects unsuspecting users to ‘fake’ website. These sites can also appear to be legitimate even though they are clever copies of the real websites. Often the address of these fake sites gives the game away as they will have suspect addresses. For example a power tool company, whose real address is www.powertools.com, may appear as www.bogus.org/powertools.htm.
Another thing to remember when using your business credit card online is to never ever enter your PIN number. It has been agreed that PIN numbers will not by used for online shopping and only be used in cash machines or with chip and pin purchases in store. If you are asked to enter you PIN number on a website then simply report the site to your card company’s anti-fraud department. Sites may ask for you cards security code, which is found on the back of the card, and this is fine.
If a website asks for your business credit card PIN number then it is a fake. No genuine website will ever ask for your PIN number. If you come across a site that does then you should report it immediately to your card provider as it is a scam. Criminals will try and gather people card numbers and PINs as they will then be able to make purchase offline with your card. Often you will be asked for your card?s security code, which is the code on the back of the card in the signature box. This shouldn?t be confused with asking for a PIN number and the use of this code has become common practice as an extra security feature.
With Internet card use on the rise it is hardly surprising that criminals come up with more and more inventive ways of swindling money out of the unsuspecting consumers. If you are careful, and follow the simple precautions mentioned above, then there is no reason why you should fall foul of such schemes.