Welcome to North Shore Banks In Your Interest podcast. Today we'll be discussing the topic of saving your credit card information online and how you can protect that information while shopping on the internet. It seems all too common these days to hear about major data breaches at retailers, leaving consumer credit card information and personal details vulnerable to identity thieves.
If you shop online frequently, it's valid to question whether it's safe to store credit card information online for faster and easier checkouts. Here are a few ways to approach it. Assume the worst. An article on nerdwallet. com entitled, Should I Save My Credit Card Payment Information on Retail Websites?
states the obvious in a blunt fashion. You must understand that anything you put on the internet should be considered completely unsafe and available to the public. No matter how much a website boasts about its security, it may still be vulnerable. You can save your credit card information with retailers if you shop there frequently enough that it might warrant it.
But you should only do so fully understanding the level of risk involved. Some retail outlets, like Amazon. com, provide two step authentication to protect your information and help you spot when someone might be attempting to access your account. But even then, it's not entirely protected from the possibility of a data breach.
Consider the alternatives. CNET.com recommends protecting yourself from the possibility of having your credit card information stolen from an online retailer by shopping online with a prepaid card. Prepaid credit cards are advantageous in that they help curb impulse shopping and can easily be reloaded.
But, arguably, their biggest advantage is that they limit the amount of money that can be taken. The reality, as unfortunate as it may be, is that there can be no guarantee of the complete safety of your credit card information. Having said that, it's within your power to determine how much risk you face.
CNET.com also notes that you should only enter credit card information when checking out online if the website has a secure HTTPS connection. This is often identified by a padlock icon or some other visual indicator displayed when a digital security certificate is present, encrypting the transaction from end to end.
It's also recommended that you remain attentive when it comes to monitoring transactions. For Frequent, even daily monitoring of your balances and transactions can be key to shutting down identity thieves before they have an opportunity to do any major damage. Secondary levels of security provided by credit card companies may also be offered to protect your information.
Secondary levels of security provided by credit card companies may also be offered to protect your information by requiring a private code or password before you complete your purchase. Before deciding whether you feel comfortable storing your credit card information with an online retailer, make sure that your credit provider will protect you in the event of having that information compromised.
When it comes to credit, it's always better to be safe than sorry. And remember, you can limit your online shopping risk with a prepaid card from North Shore Bank. There are no costly overdraft fees, and you only spend what you have. You can pay bills, shop online, get direct deposit, and much more. For additional information on prepaid cards, visit NorthShoreBank.com. Thank you for listening to NorthShore Banks In Your Interest Podcast. For more information on the show, visit northshorebank.com/podcast. Member FDIC, Equal Housing Lender.