[PLUG] Financial security on the net

Michael C. Robinson plug_1 at robinson-west.com
Wed Aug 18 16:07:28 UTC 2010


I don't know how effective this is, but my Paypal account is connected
to a disposable checking account which I keep essentially empty.  I 
have other accounts that are not connected to Paypal and never 
should be.  I never do debit transactions online.  Stick with Paypal
accepting merchants, Paypal insurance should kick in.

Online banking is growing, what protection is there if the bad guys get
your login name and password?  Online banking allows you to keep close
tabs on your money, but this convenience probably constitutes a risk.
I don't do online banking via blackberry or iphone, so I suppose I'm
somewhat safer than people who do.  The problem is, the computer you
access the bank with may save your bank login and password.  Another
risk is that someone will install a keylogger instead of stealing
your iphone or blackberry.

> Yet, I constantly buy stuff online.  How do I feel safe?  Credit laws.
> See:
>   http://en.wikipedia.org/wiki/Credit_card_fraud#Cardholder_liability
> 
> Use a credit card (don't buy online with a debit card where it
> requires you to enter a PIN) and keep an eye on your statement.  If
> there's ever any charges that aren't yours, get them removed and have
> them reissue you a card.
> 
> So if you don't end up paying for fraud, who does?  The merchant who
> accepted the fraudulent charges does.  Ultimately, they should have
> done a better job validating the card and your identity, so they eat
> it.  This is one reason CVV2 numbers are used.  Merchants are required
> *not* to store these numbers after the transaction has cleared.  If
> all merchants do this and use CVV2 numbers, it makes it quite a bit
> harder to reuse a card after a database has been stolen.
> 
> HTH,
> tim
> 
> 
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