The Internet has taken its place
beside the telephone and television as an important part of
people's lives.
Consumers use the Internet
to shop, bank and invest online.
Most of us use credit or
debit cards to pay for online purchases, but other
payment methods, like "e-wallets," are
becoming more common.
Most online shoppers use credit cards to pay for their
online purchases. But debit cards - which authorize
merchants to debit your bank account electronically -
are increasing in use.
Your debit card may be an
automated teller machine
(ATM) card that can be used for
retail purchases. To complete a debit card transaction,
you may have to use a personal identification number
(PIN), some form of a signature or other identification,
or a combination of these identifiers.
Some cards have both credit
and debit features: You select the payment option at the
point-of-sale. But remember, although a debit card may
look like a credit card, the money for debit purchases
is transferred almost immediately from your bank account
to the merchant's account.
Other electronic payment systems - sometimes referred to
as "electronic money" or "e-money" -
also are now common. Their goal is to make purchasing
simpler.
For example,
"stored-value" cards let you transfer cash
value to a card. They're commonly used on public
transportation, at colleges and universities, at gas
stations, and for prepaid telephone use.
Many retailers also sell
stored-value cards in place of gift certificates. Some
stored-value cards work offline, say, to buy a candy bar
at a vending machine; others work online, for example,
to buy an item from a website; some have both offline
and online features.
Some cards can be
"reloaded" with additional value, at a cash
machine; other cards are "disposable" - you
throw them away after you use all their value. Some
stored-value cards contain computer chips that make them
"smart" cards: These cards may act like a
credit card as well as a debit card, and also may
contain stored value.
Some Internet-based payment systems allow value to be
transmitted through computers, sometimes called
"e-wallets." You can use "e-wallets"
to make "micropayments" - very small online or
offline payments for things like a magazine or fast
food.
When you buy something
using your e-wallet, the balance on your online account
decreases by that amount. "E-wallets" may work
by using some form of stored value or by automatically
accessing an account you've set up through a computer
system connected to your credit or debit card account.
When using any form of e-payments it is important that
you take steps to make sure your transactions are secure
and your personal information is protected. Although you
can't control fraud or deception on the Internet, you
can take action to recognize it, avoid it and report it.
Here's how.
-
Use a secure browser -
software that encrypts or scrambles the purchase
information you send over the Internet - to help
guard the security of your information as it is
transmitted to a website. Be sure your browser has
the most up-to-date encryption capabilities by using
the latest version available from the manufacturer.
You also can download some browsers for free over
the Internet. When submitting your purchase
information, look for the "lock" icon on
the browser's status bar, and the phrase
"https" in the URL address for a website,
to be sure your information is secure during
transmission.
-
Check the site's
privacy policy, before you provide any personal
financial information to a website. In particular,
determine how the information will be used or shared
with others. Also check the site's statements about
the security provided for your information. Some
websites' disclosures are easier to find than others
- look at the bottom of the home page, on order
forms or in the "About" or "FAQs"
section of a site. If you're not comfortable with
the policy, consider doing business elsewhere.
-
Read and understand the
refund and shipping policies of a website you visit,
before you make your purchase. Look closely at
disclosures about the website's refund and shipping
policies. Again, search through the website for
these disclosures.
-
Keep your personal
information private. Don't disclose your personal
information - your address, telephone number, Social
Security number, bank account number or e-mail
address - unless you know who's collecting the
information, why they're collecting it and how
they'll use it.
-
Give payment
information only to businesses you know and trust,
and only when and where it is appropriate - like an
order form. Never give your password to anyone
online, even your Internet service provider. Do not
download files sent to you by strangers or click on
hyperlinks from people you don't know. Opening a
file could expose your system to a computer virus or
a program that could hijack your modem.
-
Keep records of your
online transactions and check your e-mail for
contacts by merchants with whom you're doing
business. Merchants may send you important
information about your purchases.
-
Review your monthly
card and bank statements for any errors or
unauthorized purchases promptly and thoroughly.
Notify your card or debit card issuer immediately if
your credit or debit card or checkbook is lost or
stolen, or if you suspect someone is using your
accounts without your permission.
-
Report problems
immediately to your card issuer.
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