Guy Raymond El Khoury, CEO of Accomplish, offers some advice on how to shop safely online.
One aspect that was already present before the pandemic and increased dramatically was online purchasing. COVID-19 impacted people's life in numerous ways, some of which we can only pray will never be known again. Alongside this, there was also an upsurge in online fraud methods. Online fraudsters will be stepping up their efforts at this time of year as we approach the holiday season as individuals shop for family, friends, and business partners.
As a market-leading provider of payments technology, Accomplish (previously Accomplish Financial) considers it very necessary to share its knowledge and experience in order to ensure that consumers and respectable online merchants experience safe and secure online transactions. Guy Raymond El Khoury, the CEO, says there are a few guiding principles to remember when making online purchases.
Here are some warning signs to look out for when shopping online because we want consumers to feel secure and unafraid of it:
"Always confirm that the website you're seeing is trustworthy.
Does the website accept credit cards or another reliable payment mechanism that enables you to challenge a transaction if something goes wrong? (Hint: Reputable card issuers ought to permit you to do this.)
Make sure SSL is used on the website (usually designated with a padlock icon in the address bar).
To see if the website has a current certification, click on the padlock at the drop-down menu.
Keep an eye out for minor variations in the website's URL (web address). It might only have a single extra letter or a minor spelling modification. For instance, Guccii rather than Gucci
Examine the e-commerce website carefully to determine whether it was expertly created or "thrown together." Once more, the presence of typos, grammatical errors, and low-quality photos should offer you a hint as to the legitimacy of the document. If they wish to share their "about us" tale and can be reached readily, that is another crucial factor to consider.
You can always check for reviews of the business to see whether they instantly validate its legitimacy or expose it as a scam.
Deal only with trustworthy merchants.
On the footer, header, or checkout pages of the website, search for an authentication certificate with a "trust mark" that links to a certificate (i.e. is not just a picture).
Some counterfeit websites do deliver your purchases, but they are subpar knockoffs that aren't even worth the price you paid in savings. The purchase of such products is prohibited in many European nations, and those who receive them must pay hefty fines.
Fake reviews: Do they all have the highest ratings but seem suspiciously similar or poorly written?
Unusual payment procedures (cash, wire transfer, etc.)
There is an excessive amount of personal information needed that has nothing to do with the purchase or delivery of the item.
El Khoury continues, "The main line is that if the offer seems too good to be true, it almost certainly is. There are no deals at a fraction of the cost elsewhere, nor are retailers practically giving things away.
Other factors to think about
Security Strata
"As an issuer, we continually seek to employ the most recent technology to safeguard account holders. We were one of the first businesses to use 3D Secure Version 2, which card networks like Mastercard and Visa support. With 3DS equipped cards, you have a two-step authentication process for every online purchase, which adds an additional degree of security. No payments will be processed unless you personally authorise them.
A one-time code is sent to you through SMS or email so that you may finish your transaction. "Most individuals have experienced some sort of SCA (Secure Customer Authentication) by this point," says the author.
Biometric authentication is the latest development, allowing you to verify your identity by glancing at your phone (facial recognition) or using your fingerprint. Technology advancements are making it harder for fraudsters, especially if your payment card is taken. Guy El Khoury continues, "It is crucial to highlight that although advanced standards are applied in the UK, some websites in different regions of the world may not conform to these requirements. Therefore, check security again and ensure you are making purchases from reputable merchants.
Tokenized Cards And Virtual Cards
Virtual cards without any physical components increase the security of cards and online transactions. "A virtual card is just a card's information on paper. Guy Raymond El Khoury argues that virtual cards can be swiftly issued, used, and the credentials erased, even merely for a single purchase. This means that even while this "card" functions normally for online transactions, you can choose to prevent further issuance of the card number. By giving each one a different virtual card, you can utilise virtual cards to control expenses, budgets, or even shopping at particular retailers.
The next step we intend to take is tokenization, which will use many of the current concepts to raise the bar on security. Rather than a card number, your transaction is associated with a token. The token is created randomly at the time of usage, identifies you, the network, and the financial institution to the merchant for a single purchase, and then quickly becomes redundant after the purchase is complete. It is more like an encrypted layer to the transaction rather than requiring you to provide your card information or login credentials. This doesn't even have to be in the typical 16-digit card form.
The digital payment systems utilised by Apple Pay and Google Pay, for instance, use a variant of this idea.
Authentication Via A Biometric
By using a biometric authentication method, you may prove your identity. Guy El Khoury emphasises that "biometric authentication has to be a human right for everybody wanting to be able to have this level of security." The conventional method is to utilise a computer or a phone that can do this. However, there are substantial advancements being made in the field of biometric cards, and the price of the technology has significantly decreased recently, so we will likely see more of it on the market in the future. With the help of this technology, future biometrically secure transactions may not even require a smart phone.
Consumer Defense
Consumer rights are currently sufficiently safeguarded in the UK and Europe, claims Guy Raymond El Khoury. "Financial institutions are protecting your rights by adhering to regulatory regulations. There is a very good probability that you are covered if your phone is lost or compromised. This is an extra safety net even if you already have that coverage. They may still look into it if they detect fraud in a transaction that you are unaware of, but they will do it with the protection of the customer in mind.
Therefore, be aware of the restrictions, take a little more time to research websites before making purchases, and ensure that neither your security nor the delivery of the thing you've been dying to buy won't be affected.
Please don't hesitate to contact us if you have any questions or concerns that we haven't addressed.