MoneyExpert: Most Online Shops Are Secure, Says Fraud Analyst

Those planning to use their credit cards to shop over the internet for Christmas presents could be interested to hear that a fraud analysis firm says the method is “fundamentally safe”.

According to card fraud and consultancy firm The 3rd Man, chip and pin has made shopping safer and most online shops use secure sites which are difficult to compromise.

It said that many retailers have taken extra precautions to try and combat fraudsters by using proper security systems, but if still unsure a consumer can check the company’s credentials via the contact details provided on its website.

“Every day there is a story about fraudsters cheating their way into our pockets,” said Paul Simms, The 3rd Man’s chief executive officer.

“If people wish to shop on the internet they should be confident…it’s the safest way to shop,” he added.

Last month, UK payments association Apacs forecasted a total of £3 billion would be spent online this Christmas, with credit cards representing 67 per cent of this total.

From February 14th 2006, banks began to discourage the traditional use of a signature to authorise a payment, instead insisting that chip and pin be used wherever possible.

This article: © Moneyexpert Ltd.

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