Online shopping is no longer just a convenience; it’s an integral part of daily life for most Australians, with consumers spending $63.8 billion online in 2022.1
But as online transactions become more ubiquitous, protecting sensitive credit and debit card details is more important than ever.
In this guide, learn about credit card data storage and different potential security measures to help provide confidence and safety while shopping online.
Card Verification Value — more commonly known as a CVV code — is an authentication measure for online transactions. Typically found on the back of a card, this three- or four-digit code confirms that a shopper has the card in their possession, making it more challenging for criminals to make purchases using stolen card information.
It’s generally safe to enter a debit card number and CVV online on reputable and trustworthy websites.
However, it’s good practice to exercise caution when online shopping — there’s always a risk of financial information being compromised. Make sure to regularly monitor bank statements for unauthorised transactions, and quickly report discrepancies to the bank.
Here’s a look at what may happen once a shopper hits the Checkout button:
In an increasingly digital world, anyone can fall victim to financial fraud. Understanding the potential risks and taking proactive measures can go a long way in safeguarding one's sensitive card information and financial assets.
Some common types of fraud include:
To help prevent phishing attacks, increase credit card security, and minimise the likelihood of debit card fraud:
While the CVV is a vital security measure for online purchases, its effectiveness may be compromised if not handled carefully.
Use these potential tips to help protect CVV numbers:
Merchants don’t typically keep sensitive data like a CVV. Instead, they may only store and encrypt basic information to facilitate easier transactions for returning customers.
Retailers storing credit card information must adhere to specific industry regulations, such as the Payment Card Industry Data Security Standard (PCI DSS). Lack of compliance could result in severe penalties and loss of the ability to process credit card payments.
Consumers have rights concerning how their credit card information is stored and used, and many websites will have privacy policies with this information.
Want to shop online more confidently? Put away physical cards and use a reputable online payment provider instead. When consumers shop with PayPal, they benefit from additional security measures designed to protect stored card details, such as:
Protect your CVV and other sensitive financial information by learning how to link credit or debit cards to PayPal.
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