Why enable a loophole for credit card fraud?

Responses to The Star on Credit Cards Payments

1.       When buying things online, we are required to key in our credit card number and CVC code. In view of the rampant scams online, is this safe? How can retailers make it save for consumers to use online shopping and how can consumers practice safe online shopping?

When performing online shopping using credit cards it is imperative that the consumers look out for authentication or verification systerns which are in place such as “Verified by Visa” or “MasterCard Securecode’ . We can’t begin to emphasize the importance of the foregoing for safe online shopping. In addition the following would be tips to be adhered to :

·         Use a secured browser

·         Check the merchant reference

·         Manage your password carefully

2.       There are also MLM companies that take down our credit card number or require a photocopy of our credit card – front and back page (with CVC) – so that people can order things by phone and get them delivered to their doorsteps. While this has made shopping convenient and easy especially for busy people and housewives, is this safe?

In relation to question  2, if it is not safe, what can companies do to make  it safer for consumers to make shopping convenient for consumers? Also, what should consumers do ?

We would advise credit cardholders to protect their personal details and account details at all times and not to provide photocopies of your credit card, particularly of the front and back, to third parties. This is because important crdit card particulars such as the card number, CVC and expiry date which are used for cardholder authentication are available on the card itself.

Push comes to the shove, consumers are advised to look for alternative modes of payment such as internet banking.

3.       Any other situations where consumers should bear in mind when giving out personal banking information? Looks like when we apply for visa, we also need to give bank statements. Is this safe?

Unfortunately if it is a strict requirement of the immigration authorities there is very little choice for the applicant but to perhaps cross out and mark the documents clearly only for the purpose for which they are meant to be used.

4.       If you have any relevant statistics, please let me know.

The statistics are maintained by our member banks respectively.

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