Keeping Your Credit Safe Online

By Leni Parrish on May 14, 2009

With more technology comes the increased need for more security to prevent fraud and deceptive practices, especially when it comes to your credit cards and other financial information. Making online purchases can be a convenient, time-saving way to do your shopping but for many, it is an act of anxiety inducing stress when the submit button is hit. When it comes to protecting your credit cards online, there are some ways to help keep yourself safe.

Here is a list of ways to keep your credit card information safe online:

Look for Verisign

Verisign is a company whose purpose is to verify secure websites. Their mark is visible as a tiny padlock showing on the website, which means the site has been verified by the company.

Pay with Paypal

In order to make online payments safer, Paypal was created to protect your personal financial information. By setting up a simple online account, individuals can then use their Paypal account to make online purchase transactions without having to reveal their personal financial information to vendors or private sellers. Paypal promotes good security measures; however, there have been occurrences of security breeches within an account. The Paypal customer service team is very adept at assisting during such incidents.

A Separate Credit Card

If you make a lot of online purchases, you may want to consider getting one credit card that you only use for online transactions. This can help you pinpoint security issues faster and does not freeze an account you rely on in the event something does go wrong. Keep the account credit limit high enough to accommodate your purchase needs but low enough so that you are not financially disabled should something happen. Be sure to analyze your account statement carefully each month so you can promptly report suspicious activity. If you report fraud in a timely manner, you will not be held responsible for the unauthorized usage.

Open A Separate Bank Account

If you do open a Paypal account or use a bank account as a back up source of funding, open a separate bank account to help prevent thieves from draining your life savings should they be able to break into your account. Managing two different bank accounts is much easier now that most banks have an online system where you can see transactions in real time.

While incidents of fraud are common because of technology today, it should not limit your choices for shopping online. You as the consumer will just need to take more precautions when dealing with online shopping and credit card use. Being proactive about your financial security and checking your account activity often can help prevent further issues of fraud or the loss of all of your money.

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