What’s Your Biggest Fear?

If you’ve ever felt uneasy about providing your credit card number while making an online purchase, you’re not alone. An article, published in 2009 on creditcards.com, summarizes research conducted by Unisys, an information technology company. Unisys revealed that the #1 fear among Americans in the midst of today’s global financial crisis is becoming a victim of credit and debit card fraud. In fact, credit and debit fraud concerned participants more than terrorism, computer and health viruses, and personal safety.

So, what are the remedies for this frightening issue? Telling you to ditch your plastic and carry around large amounts of cash is completely unpractical and outdated; not to mention, it’s still unsafe. If you lose a wad of cash, you’ll probably never see it again. At least if you lose a credit or debit card, you’re able to cancel it and order a new one.

With the convenience of plastic, we’re moving closer and closer to a paperless economy. So, how can you feel comfortable providing the digits on your credit or debit card to online merchants? How can you keep your money secure?

You’ve got a couple practical options. When shopping online, you can use a third-party-payment site, such as PayPal. I’m not extremely familiar with PayPal’s competition, but I would imagine that all of those sites function similarly. You link your PayPal account with your email address and credit card/bank information. This way, instead of entering your credit card number when making a purchase, you just enter your email address. If you go this route, make sure to research the site you’re looking to use, and read about the pros and cons. People using these sites are still susceptible to fraud, and may incur fees, depending on the type of account they’re using.

Although PayPal is popular and convenient, perhaps an even better option is using virtual credit and gift cards, or prepaid debit cards. These are safe options, because once you’ve spent the full amount on the prepaid card, it’s impossible for anyone to rack up fraudulent charges, and they’re not attached to any personal/bank information.

If you decide to go this route, take a moment to review our Secure Access for E-Commerce (SAFE^®) technology (featured in Paytech Magazine). Using our GlobeWallet^® card with this patented technology is the most secure method of payment available. In fact, the president of our company told me just the other day that whenever he wants to make a purchase online he loads the exact amount of money he needs on to his GlobeWallet^® card, and shops worry-free.

Fill us in! Have you used other methods to protect your money and identity while shopping online?