Over half of all Americans shop online, and to some extent, save time and effort over making a trip to the mall. In fact, some items are not available locally and online is the easiest way to find some things. Additionally, the used goods and surplus market is much larger on the net. However, the risk of identify theft and fraud are considerably greater. I know, because it has happened to me twice in the last year. And, most recently, yesterday, I received a call from the Citibank fraud service advising me that another attempt had been made to use my card number but it had been declined. So, for the third time, my account is closed and I will get a new account. On one of the successful breaches, there were two charges from Europe for $1,500 plus the international fee. Of course, after filling out the fraud declaration, I received a new card and the bogus charges were removed. But, this just adds to the cost to the credit card companies and is an inconvenience for me. So, after a long discussion with Citibank and some time doing searches, I have some suggestions as to how to protect yourself. My best guess is that if you shop online with a credit card and have not been compromised, the clock is ticking!
First, let me say that I was already following the recommendations to protect my card online. I shop at sites that are well known, I look for the HTTP(S) (Secure), and I try to find stores with encryption. I do not subscribe to sleazy high threat sites, and I have malware, spyware , and firewall protection. But the problem as I see it is that even the well known sites frequently do not really sell anything. The are a store front for smaller suppliers and vendors and they send the information to them. And, with all of the tracking by browsers and installed cookies, there are threats everywhere.
My first suggestion is that you use only one card to shop online with. It will be easier to monitor and you may be able to determine where any threat has occurred more quickly. You can pay to have your card monitored but why spend the money? It is easy to do that yourself.
My second thought is what I plan on trying to do, and that is to use a new service called a virtual credit card number. Both Citibank and Discover offer the service and there may be others as well. It works much like a proxy web address in that it is always changing. Here is how it works: When I sign on for the service (FREE), I can go to a virtual credit card number generator and generate a number that is associated with my real credit card. So, when I go to a place like Amazon or wherever, I use my virtual number, and not my real number.When Amazon verifies the number, it is accepted because it is associated with my card, but my real number is not available to anyone except the bank. It is also possible to limit the virtual number to a one time use and use another next time. Or, I can set dollar amount limits as well. Here is a link to Citi to get a brief idea of the service.
Another possibility is to use a service like PayPal, but not all stores accept these alternatives. So, for the moment, I will go virtual, and hope for the best. If this fails, then it will be either a check or money order. Will that be cash or credit?
First, let me say that I was already following the recommendations to protect my card online. I shop at sites that are well known, I look for the HTTP(S) (Secure), and I try to find stores with encryption. I do not subscribe to sleazy high threat sites, and I have malware, spyware , and firewall protection. But the problem as I see it is that even the well known sites frequently do not really sell anything. The are a store front for smaller suppliers and vendors and they send the information to them. And, with all of the tracking by browsers and installed cookies, there are threats everywhere.
My first suggestion is that you use only one card to shop online with. It will be easier to monitor and you may be able to determine where any threat has occurred more quickly. You can pay to have your card monitored but why spend the money? It is easy to do that yourself.
My second thought is what I plan on trying to do, and that is to use a new service called a virtual credit card number. Both Citibank and Discover offer the service and there may be others as well. It works much like a proxy web address in that it is always changing. Here is how it works: When I sign on for the service (FREE), I can go to a virtual credit card number generator and generate a number that is associated with my real credit card. So, when I go to a place like Amazon or wherever, I use my virtual number, and not my real number.When Amazon verifies the number, it is accepted because it is associated with my card, but my real number is not available to anyone except the bank. It is also possible to limit the virtual number to a one time use and use another next time. Or, I can set dollar amount limits as well. Here is a link to Citi to get a brief idea of the service.
Another possibility is to use a service like PayPal, but not all stores accept these alternatives. So, for the moment, I will go virtual, and hope for the best. If this fails, then it will be either a check or money order. Will that be cash or credit?
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