Earlier in the week, there was the case of whether one of the ride sharing companies was hacked or not…
Whatever it was, it appears there was an issue and it raises the question of keeping your money safe from online fraud.
So you have your card details saved online, what happens if the merchants site gets compromised?
Here we share some thoughts:
You can keep a separate account and card dedicated for online transactions. And just fund it with a limited amount to pay for recurring subscriptions and a sufficient amount to pay for big purchases.
Most card issuers have an additional security feature that may not be activated by default. These systems require an additional passcode before a transaction goes through.
MasterCard has SecureCode and Visa has VerifiedByVisa.
There are fake websites and apps, they clone the site of major merchants. If you do any transaction with these merchants they will get your card details and can use it.
Some banks offer single use virtual debit cards. The cards self-destruct after use, so even if you use it on a compromised site or app, the rest of your funds are not in harms way.
In addition to those, keep these in mind:
- Always check your statements for unusual or unauthorised transactions.
- Don’t send your card details via email or social media.
Thrive Financial Advisors Ltd 