Wednesday 8th Feb 2012 02:22 PM
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Wed, 02/20/2008 - 22:27
I would like to buy insurance for my purchases online!My friend's credit cards have been compromised due to fraud issues. Heard it got swiped from Cathay cinemas online and M1 Citibank cards
For my knowledge, i dun think they provide insurance for online shopping.
The way to reduce fraud is once you notice unauthorised transaction to immediately report to your bank. If it can be seen or proven your acccount has been used withour your permission, you will not be liable for payment. However its sometimes a very tricky thing as proving that you did not purchase those items might be difficult.
As such, normally you can only limit your losses with the banks asking you to pay a certain percentage of that amount.
Finally, it varies from case to case.
Let's think about prevention first in such fraud cases.
Perhaps one of the most important one is to ensure you do not have your important passwords lying around and compromised.
An entry to your email account can yield many of your other passwords. So take important note!
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The point is, ladies and gentleman, that greed - for lack of a better word - is good..."
I think some cards has a feature call verify by visa (VBV), where u can choose a password for online payment. Hence merchants who support this feature will require to key in a password if you purchase online with them, and the password authentication is handled by visa side, so the merchant will not capture it down for potential leakage later.
usa.visa.com/personal/security/vbv/index.html
make sure the transaction is secure
https: shd be in the address bar
but there is always this debate which party is responsible
the merchant, the credit card provider or the bank, or is it the user?
i feel that the merchant must at least provide a secure gateway
the credit card vendor and bank shd be alert to take note of any off-trend signals (like excessive buying all of a sudden) and call the user to verify...
user shd not be dumb dumb to provide cc info via emails or SMS....every transaction shd be printed out or at least copy down the transaction/reference number.
Speaking about ID theft...
Look out for a short Qotion ID theft prevention guide coming your way soon...
As they say, prevention is better than cure. You never know when someone is impersonating you. It's damn scary...I can tell you...
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"The point is, ladies and gentleman, that greed - for lack of a better word - is good..."
Gordon Gecko, "Wall Street", 1987
Anyway guys...If you have just 1 min of your time to spare, I like you to do a small exercise...
Go to your favorite email account.
Go to the search box. Type in 'password'.
Check how many results appear.
Chances are you have your forum password, your website password, your blog password...perhaps even your internet banking password...
All it takes is someone to hack into your email account, and he will know a wealth of information about you. Information that is dear to you.
Imagine someone using your identity and logging on to a forum as you, and spouting nonsense and vitrolic...what would be the cost to your reputation?
Imagine someone using your Internet banking account to transfer your entire life savings out...what would be the cost to your asset?
Just something to think about...
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"The point is, ladies and gentleman, that greed - for lack of a better word - is good..."
Gordon Gecko, "Wall Street", 1987
i find those websites that send you an acknowledge note along with ur own userid and pw is STUPID.
anyway, how many of you actually bother to change ur pw every 30 days?
Actually you are encouraged to do that to protect yourself...but honestly thats theory... practically not many people do that, i only change for some of my important stuffs.
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Contest theory: More entries = More chances - Concept of Probability.
Time & Tide waits for no Man.
i confess im actually "single sign-on"
one pw for everything... almost.....
and one pw for those which requires alphanumeric combinations....
one pw for everything... almost.....
and one pw for those which requires alphanumeric combinations....
You are not alone there. Most people do that for the sake of convenience. Myseld included.
It simply too much of a hassle to remember so many passwords.
However you definitely can do that for sensitive accounts like for Internet Banking and Singpass.
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"The point is, ladies and gentleman, that greed - for lack of a better word - is good..."
Gordon Gecko, "Wall Street", 1987
For Singpass, i do use a different password, however for internet banking, i'm not really afraid as theres a additional level of security in the form of token.
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Contest theory: More entries = More chances - Concept of Probability.
Time & Tide waits for no Man.
the token from DBS/POSB a bit troublesome
i prefer UOB's 2FA method of sending the code via SMS to your hp
but then, i know not all have hp..... but i think more convenient than having to carry the token...
lost even more troublesome... have to pay for replacement and have to wait for the replacement to be sent to u...
would be good if all the banks offer options like whether u prefer the token or use SMS
I think token option is cheaper for the bank. Imagine having to pay for each SMS they send.
Come visit the Den of the Lion Investor for more investing ideas.
Come visit the Den of the Lion Investor for more investing ideas.
Ya and further more, they can charge you for replacement if you lose it ....quite common case u know ;)
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Contest theory: More entries = More chances - Concept of Probability.
Time & Tide waits for no Man.