Online shopping has its advantages - it is quick, easy and you don’t have to trudge to the mall to scour the shops. But there are risks, with hackers eager to take advantage of any online security flaws to access your credit card details.
According to Frost & Sullivan, the GCC e-commerce sector is poised to grow 40 per cent by 2020 to over $40 billion, with the UAE anticipated to make up half of this market. In the last quarter of 2014, 83 per cent of UAE residents made purchases online. Which is why consumers need to be extra careful when they shop online - the more transactions we make on the web, the more vulnerable we are to online predators.
Last month HSBC Bank Middle East enhanced its card security for online transactions, adding an additional layer of security to the process. Here Khalid Elgibali, head of retail banking and wealth management, UAE and MENA, at HSBC, explains how to stay safe when buying online:
What is your top tip for staying secure when carrying out online transactions?
Two of the most effective ways to stay secure is to only shop at secure websites and use a credit or debit card that provides additional layers of security, such as those that require users to enter a One Time Pin (OTP) to complete purchases.
How do we know that an online store is safe to shop at and share card details?
The most effective way is to check if it displays a broken key symbol that becomes a whole or turns into a padlock in the bottom bar of the browser once the credit card details are successfully entered. Customers should also check if the beginning of the website address changes from ‘http’ to ‘https’ or ‘shttp’ when the payment information is requested, which indicates that the information is being encrypted and being turned into a code that can only be read by the seller. Additionally, some payment screens display “MasterCard SecureCode” or “Verified by VISA” signs, which also indicates that the website is secure.
How can we protect ourselves better?
In addition to ensuring that they are using secure sites, people can better protect themselves by following these simple steps:
• Not using the same password for different services or websites. This is especially important with passwords that you use to access financial information or to bank online.
• Ensuring that you use secured computers while completing online transactions.
• Installing anti-virus and anti-spyware software on your computer and have the latest security patches on your operating system.
• Not responding to emails from websites requesting personal information like credit card numbers and PINs.
• Constantly checking their bank balances to ensure no excessive charges or fraudulent activities have taken place.
What new security features has HSBC recently introduced for online transactions?
We introduced the 3D Secure Service for our MasterCard and Visa cards to better safeguard our customers from their information being misused. The new service goes a step ahead of existing card authentications systems by adding an extra layer of security at the point where customers need to enter their card information online. Before completing their purchase, they are prompted to enter a One Time Pin (OTP), which is sent to their personal mobile numbers. The code is unique to each transaction and expires seven minutes after a request is made. HSBC customers also receive a SMS alert every time a transaction has been made through their credit cards, which ensures a higher degree of security for our customers and gives them greater control over their internet transactions
While extra layers of security are important, it can make online shopping a hassle. Is this something we simply have to accept?
In the e-commerce marketplace today, customers should accept the extra layers of security to ensure their financial information is as well protected as possible online. On our part, we have looked to implement security measures that are as convenient as possible, and have seen that this is valued by all our customers. For example, the OTP gets sent to your mobile, making online shopping seamless and simple.
What future developments will make online shopping easier and more secure?
As technology continues to improve, the biggest developments will likely take place at the core infrastructure level, where retailers’ investments in their systems and processes will better protect customers using their websites. Additionally, with more people looking to use mobiles and tablets to shop online, the e-commerce experience is being adapted to be in line with these devices. Advancements such as fingertip security authorisation are already a reality, and developments that combine security with convenience are the ones that are most likely to succeed.
What happens if your credit card is used fraudulently? Will a bank reimburse a customer that has lost out?
If a customer discovers that their card has been hacked and there are transactions that they do not recognise, they should inform the bank immediately so that we can respond to the issue as soon as possible. Customers should also stop using the affected card and wait for the bank to resolve the issue. In the instance where we learn that a customer has been the victim of credit card fraud, we look to immediately respond to the issue. HSBC maintains a global network of security experts that work around the clock to protect customers from these instances of fraud. In this way, we constantly monitor banking activity to detect any occurrences of fraud and control exposures for our customers. We also try and contact the customer over the phone if we suspect any fraudulent transactions, to verify if they have actually made that transaction.
What happens after that?
Our highly-specialised team immediately looks to investigate the case on an individual basis and decides the next course of action in line with MasterCard and Visa guidelines on disputes, while minimising any disruption to our customers’ normal account activities. The bank can take actions ranging from blocking suspected transactions to temporarily suspending cards until the issue is resolved, or closing the cards in concern and helping customers open a new one.
arayer@thenational.ae
Follow us on Twitter @TheNationalPF
