January 12,2009
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Fearing Fear Itself, Pt.3 –
– On-Line Shopping.Online shopping with credit cards is much too dangerous: To some, flying is also too dangerous. Unless you understand that flying is still 100 times safer than riding in a car. I know, that information doesn't help the fear. That may be why 61% of our nation is afraid of shopping online. One good thing is that, at least your life is not a stake. So, what is at stake with on-line credit card shopping? Actually far less then most people know...about $50. That's it. Using a debit card – maybe $500. Personal check – possible the full amount (the burden of proof rests on you). Cash – forgetaboutit. Provided you notify your lender in a timely fashion, the major credit card associations (VISA, MasterCard, etc.) all honor this standard -- $50 max and possibly nothing.
Note also that, most thieves are finding the best success with the ‘$9.95' and ‘$14.95' transactions. Why? Because they largely go unnoticed. These amounts have become symbols of automatic deductions for all the extras that inundate us every day in the mail, on the phone and every other form of deceptive advertising. Those two amounts are, typically, overlooked when most people scan their monthly credit card statements. The $5.3 billion credit card black market only sells in bulk.
Depending if you buy 100 stolen credit cards or 1,000, the cost per card starts at $12 for a small orders and drops all the way down to $0.50 per card for large orders. Automated systems can conduct thousands of ‘little' transactions every month and not be noticed by the real owner who just pays the $9.95 every month without a thought.
It's interesting to note that recent studies prove that the greatest risk, by far, is with in-person transactions. When you're actually standing at the counter or sitting at your table in the restaurant. Credit card theft is much more successful in these avenues than navigating the gauntlet of automated on-line ‘traffic cops'.
On-line shopping with credit cards is far safer then just going to the corner store.