 The Saturday Guardian recently featured an article about Internet Shopping and the fraud being committed by MyDV. The article demonstrates the lack of awareness amongst UK consumers on how to protect themselves when purchasing online .
Providing credit card details directly to an unknown retailer has inherent risks on or offline. Most of the high street banks have established electronic transaction services that enable online retailers to protect their consumers from these risks.
The electronic transaction service integrates with an online retailer’s website. When a customer adds products to their basket and proceeds to the checkout they are taken securely to the banks website. Their credit/debit card details are then entered into the banks system and processed. Once this is complete the customer is handed back to the online retailer’s website. The process is seamless and secure. The customer is aware of the handover because it is explained on the payments page which is branded by the bank.
Most importantly the bank are required to carry out due diligence on retailers that apply for an online merchant account. This includes background checks on Directors, guarantees and often a site visit. The bank also stipulates security requirements including minimum levels on encryption.
Many British online retailers are unaware of the simple and cost effective resources available to them to protect their consumers. The consumer is taking the lead on this by applying pressure on online retailers to adopt the safer systems.
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