In a recent study by Javelin Strategy & Research it was discovered that over 50% of consumers believe they share the responsibility with their financial institution for protecting their accounts from fraud. Visa has taken the initiative in providing a new website, at www.visasecuritysense.com to give cardholders know-how for protecting their personal account information, avoiding payment card scams and resolving unauthorized card use.
Visa is riding in step with the National Cyber Security Alliance’s “Stop Think Connect” campaign that educates consumers in protecting themselves and their personal information online.
Jennifer Fischer, head of U.S. Payment System Risk, Visa Inc. stated:
“While cardholders using Visa debit and credit cards are protected by Visa’s zero liability policy, many consumers believe that security is a shared responsibility and want to take an active role in managing and protecting their Visa accounts. Visa’s site is intended to empower cardholders with information to prevent fraud, avoid deceptive marketing practices and learn about important protections and resources available to them.”
As more and more transactions are completed on the internet, consumers are continually at risk. Many are taking credence in their online escapades and establishing better habits in protecting their personal and financial information. Although most Internet shopping purchases transact safely, hazards such as invasive spyware and deceptive marketing practices are on the rise. The National Cyber Security Alliance’s website at http://www.staysafeonline.org can help consumers protect themselves.
Fischer concluded by stating:
“Criminals can be quite resourceful in their attempts to steal cardholder information, but equipped with the right information and tools, consumers can be very effective in preventing fraud.”
Visa also offers additional tips (below) assisting cardholders in protecting their financial information online. More information is available at http://www.visasecuritysense.com.
Current with anti-virus and anti-spyware software is a must
Download only from trusted sites, and don’t click pop-up windows or suspicious links no matter where they come from.
When in the checkout of a website, look for the safety symbols such as the padlock icon in the browser’s status bar and “s” after “http” in the URL, or the words “Secure Sockets Layer (SSL).” These are signs that the merchant is using a secure page for transmitting personal information.
Activate Verified by Visa to add an extra layer of password protection during online checkout.
Visa will never call or write a cardholder for personal account information.
Only if you initiated the communication should you provide sensitive information. Report requests for personal information to the number on the back of your card
Beware of “free trial” offers. Read and understand all terms and conditions. Pay attention to any pre-checked boxes before you submit your payment card information for an order.
Monitor card statements and account activity regularly. Report any suspicious or unauthorized charges to your financial institution immediately. When fraud does occur.
Visa and several other debit and credit card issuers currently offer a “zero liability” policy. It is important to notify your financial institution immediately upon discovery of irregular account activity as notification rules and liability amounts between lending institutions and card issuers can vary.