Online shopping the safe way with prepaid cards
Consumers can save a lot of money by shopping online – but when things go wrong, they can lose a lot of cash too. To put things into perspective, according to bank authorities, online banking fraud doubled in 2008*.
APACs, a UK based firm that handles online payment transactions, estimated online banking fraud to be worth around £52.5 million in 2008 alone*.
One of the best solutions to online fraud is to use a prepaid card when making purchases or paying for services and subscriptions online. That's because with a prepaid card, the risk to the cardholder's money is limited to what has been loaded onto the card. So for example, if a customer tops up the card with £100 and he or she becomes the victim of an online card fraud, that's the most the customer will expose. And with secure access to their transaction information 24/7 online, any suspicious activity can quickly be spotted by the cardholders.
But when an online shopper reveals their credit card's details online, they could be exposing their entire credit limit to fraud. Although credit card users are generally protected under the Payment Services Regulations, it's easy to imagine the hassle involved in resolving the card's account, and having to separate genuine transactions from fraudulent ones.
And with a debit account, the disruption that fraudulent card use could cause could be even more serious – missing payments for everything from a mobile phone contract to a mortgage could have huge consequences, especially if the account involved has a large overdraft facility.
This compares with Cashplus prepaid Gold MasterCard® customers, who can minimise their risk even further, with their card's valuable Free Purchase Protection benefit. This is designed to help the customer if the goods purchased aren't received, are faulty, the company goes bust before the goods or services are received, or a website turns out to be ‘dodgy'.
In other words, the chances are that with a prepaid card, the customer could have their money replaced as long as they've been using the card safely. In fact, Cashplus card holders have already had tens of thousands of pounds refunded.
So if you're looking to take advantage of the excellent online offers but don't want to risk exposing your credit or debit card details, using a prepaid card makes a lot of sense.
Questions and Answers
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prepaid card
If you never had been any credit card then it is very difficult for you to differentiate between credit card , debit cards and prepaid cards as they almost looks similar and mode of transaction to make purchases without cash or checks is also same. Unlike credit cards, one cannot be get buried under the debts with a prepaid card, nor have prepaid cards anything to do to your bank account like debit cards.
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