The rise of Internet shopping means that more and more transactions are occurring online, which means there are more moto card transactions, also referred to as “card not present” transactions. With such transactions, it is extremely important that they are as secure as possible. Online fraud is already a huge problem, with more than $16 billion in fraudulent transactions in 2014. But in just six years, that number is expected to more than double, with fraud rising to more than $35 billion by 2020.
There are a number of secure payment options that can make fraud difficult with moto card transactions. Using a secure website for transactions is one of the most popular. This is designated by an “https” in the site window rather than the regular “http.” Another way is to require multiple passwords. This may involve a different password for each individual transaction or requiring more than one password for the same transaction. Encryption is a good way to ensure transactions are secure, and the higher the encryption, the harder it is for hackers to hijack the transaction. For example, using 256-bit encryption makes it difficult for even the best hackers to crack it.
Of course, it’s not totally up to businesses to be responsible for payment security for online transactions. Purchasers have to be diligent that they are using a reputable site. Don’t use payment links that come in emails. You also can use alternative payment methods than your debit or credit card. For example, you can transfer small amounts of money from your bank account into an account with a payment service such as Paypal and use that to make your purchase. That way, you are only putting at risk the amount of money you are paying for the transaction. Checking your credit card account and your bank accounts regularly online also can help you spot fraud. People who steal account numbers often make small purchases to test and see if they will go through. If you are checking your accounts regularly, you can catch such transactions and report them.
Stopping online payment fraud requires a concerted effort between merchants, payment companies and buyers. Though fraud will never be totally eliminated, it can be reduced.
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