December 2, 2008
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News: Guard Your Online Transactions
With 40 percent of our holiday shoppers planning to shop online with heavy use of credit cards this holiday season, security is going to be a wise investment. Fortunately, wise men are looking out for us along the way. That's where the NCSA (National Cyber Security Alliance) come in. They are well-versed in offering good advice to the everyday consumer as they keep a watchful eye on credit card hazards and other dangers for us. As NCSA's executive director, Michael Kaiser puts it: "A bargain is only a good deal if it saves you money." Risking identity theft over a few small discounts may not be a savings at all if it requires hours on the phone with your credit card provider and the worries that go into wondering what has happened, if your credit card has been compromised.
One of the first places to start when shopping online with is to check out the businesses to which you're entrusting your vital data. Google the company names and see what comes up. Check news bites for recent little blurbs. Some of the most visible companies on line are shooting stars. You may find class action suits or unfavorable SEC filings against them. Business like these are just a speck in the sea of good possible businesses but sometimes the few have a way of making themselves more visible. They usually offer you small sums of money to your credit card account or an offer that's too-good-to-be-true (and they almost always are). They usually ‘phish' for your secure information like credit card numbers and CVV2's behind the scenes while you wait. (Your CVV2 number is that 3 or 4-digit number on the back of your card). This combination has become the prime rib of the black market.).
The credit card black market has become so formidable today that their executives last week boldly flew into Washington in their private jets, purchased with stolen credit cards. Their purpose was to appeal to our nation's Treasury Department and the Congress for a bailout. Their stance is that they are so large that, if they go under, our nation's credit market will go down with them. Even Mr. Paulson admits they may be right, but he still doesn't like the idea.