With the implementation of chip technology in credit cards across the United States, hackers and scammers are now turning to the internet rather than brick-and-mortar stores in their expedition to steal consumers’ money. While stealing credit card information manually used to be a huge problem in the past, the implementation of chip-reading technology has greatly eliminated the risks of one’s card being duplicated while shopping in stores. However, the use of stolen credit card information rose 40% last year alone. Fraudsters are becoming increasingly technically adept allowing them to steal people’s financial data over the internet using sophisticated hacking methods.
Worldwide eCommerce sales are expected to reach $27.7 trillion in 2020. North America and Asia are the largest players in the market, which are expected to grow further with the emergence of online grocery shopping and the ability to shop on smartphones. With the worldwide eCommerce market surging, the protection of consumer data is becoming of increasing concern. eCommerce merchants and financial institutions will spend $9.2 billion a year in fraud detection efforts over the next few years. Software technologies allow bots to seamlessly steal and enter consumer data automatically, without any human input required.
Luckily, the Wall Street Journal has proposed several precautionary measures to protect yourself from being victim to these kinds of frauds. You should start by changing your passwords every few weeks to ensure that no one can steal your identity easily. Remember to log off sites, especially when using public computers. When accessing payment of banking sites, be sure to check for security certificates to ensure it is a legitimate site. Monitor your bank account and credit card purchases to make sure all payments were authorized by you. Buy a shredder to shred documents containing personal information. Even junk mail can often hold personal information that can eventually get to a fraudster. Finally, you can choose to buy a fraud protection service, which will work to protect your money and identity round the clock. These services are usually subscription based and charge a monthly or yearly fee.