internet security PROTECT YOUR IDENTITY AND SANITY BY EMBRACING NEW PAYMENT OPTIONS ByShetla James t's a new year; a time for new beginnings, life changes and making (de breaking!) resolutions. For cyber criminals, it’s a new year to threaten Internet security and the privacy of online shoppers. It you managed to survive the holiday shopping season with your financial information and identity intact, then consider yourself lucky. According to a recent Consumer Report on the State of the Net, 25 percent of consumers are predicted to become victims of a cyber crime. Since 2005, consumers have lost almost $7 billion to Internet fraud. Since one of the top Internet activities is online shopping. the risk of being victimized by cyber criminals is increased. The majority of ‘online payment options require shoppers to release personal or financial information, such as credit card numbers, to a retailer or payment provider during checkout. This increases the risks of iden- tity theft, fraud and retailer data breaches. Federal Trade Commission statistics reveal that ID theft affects up to 10 million Americans every year—a number that has been steadily increasing. Further, losses to businesses and financial institutions due to Identity theft otal nearly $53 billion annually. But there is good news when it comes to online shopping. There are ‘how more options to protect financial information and manage debt, ‘hile stil enjoying the convenience of mouse-click shopping. ‘THE PERFECT CRIME ‘The risks of ID theft rise during heavy shopping times, such as Christmas, Father's Day, Mother's Day and back-to-school season. Online retailers handle more transactions during these months. Hackers monitor these sites, slipping in during the few minutes or hours when the servers are weakened. They use automated tools to probe for security holes, access the retailer's database and download megabytes of private financial data High shopping traffic also gives hackers millions of additional oppor- tunities to “listen in” on transactions by using snooping tools that monitor e-mail and Web browser communications. These tools lit, credit card numbers and other personal data, and transmit i vo the hackers. Worse, victims rarely know their personal data has been lifted until it{is too late. That's because nothing out of the ordinary appears on their credit card bills until 30 to 60 days later—Iong after their per- sonal information has been harvested and sold. ARESOLUTION FOR SECURITY According toa recent consumer survey conducted by MODASolutions and retail analyst firm, J.C. Wiliams, 80 percent of consumers said the availability of a “safe and secure payment option” is the most important factor when shopping online. Whet online shoppers don't always realize is ther credit and debit cards make them more vul- nerable online, even on secured Web sites. AAs alternative payment systems move into the mainstream during the new year, you will see more checkout options available, such as PayPal, Bill Me Later and Google Checkout. These offer more power to manage who you give your information to and how much informa- ton you release. However, the latest breed of payment options, such as eBillme, leverage online banking for eCommerce purchases, and allow shop- pers to check out without releasing any financial information to the retailer. All that is needed to complete these transactions is an e-mail address to receive the electronic invoice from the retailer. You can then log in to your online bank account, and pay the eBill in exactly the same way you would pay any other bill online. Beyond you and your bank, no one has access to the personal or financial information—not the retailer, not any Web site and cer- tainly not identity thieves. It couldn't be easier, or more secure. KEEPING DEBT TO A MINIMUM ‘The online banking payment process also helps manage and limit the amount of consumer credit card debt. Once the holiday excitement ends and New Year's partying concludes, reality quickly sets in when the credit card bill arrives in the mail, outlining recent holiday pur- chases, It-can be tempting to use a credit card to pay for purchases that you don’t have cash for at the time. But itis always under the assump- tion that once the bill arrives in the mail, the cash will be available. That is not always the case. Natlonal statistics from CardWeb.com Indicate that the average American household with at least one credit card has nearly $9,200 in credit card debt. Further, the aver- age interestrate runs in the mid to high teens at any given time. With payments that leverage online banking for eCommerce pur- chases, there are no credit lines to grow, no interest charges to accrue, no late fees to suffer and no payments to make because every transaction is cash. vs easy, safe, effective and fast. By leveraging the trusted banking network, you are able to make secure retail purchases using avail- able funds without releasing any of your financial information to the reualler. This year, avoid the shock associated with high credit card balances or worse, fraudulent charges. Make a resolution to know your options and try payment alternatives that will give you more pur- chasing freedom and security. SHELA AMESIS CO FOUNDER AND ICE PRESIDENT OF PRODUCTS AND OFERATONS FOR MODASOLUTIONS, THE EADING ROVIDEROF THE EBLLME™ PAYMENT OPTION THAT ENABLES CONSUMERS TO SHOP ONINEANO PAY DIRECTLY FROM THER ONLNE BANKING ACCOUNTS. Online Shopping Guide ee rr Pee er re Pennant Pee ny “Phishing attacks” are an emerging form of identity theft that can escalate during busy shopping seasons. Phishers Cre ee cnr) data, Social Security numbers and credit cord numbers. They position themselves as a legitimate business, Fee eS ead ae eee eS ee ed ee ae eee To avoid being victimized, verify the e-mail is legitimate before releasing any personal or financial information. eee ee eS eae ere ae eee oe eee customer service desk to inquire about the message can save @ lot of hassle and money in the end. RR ee If you are shopping at your local mall, you don’t give out your pin number to the sales associate in order to check out. Instead, you enter it yourself. Use these same Peer oe Sears Don't be quick to give out personal and financial DE A a ee Rees peter eet a a eas Remember to always be in control of your financial information, and determine when and where to release eres FRO LO Ce Cg ne Manage your money and watch your credit limits er nea La Cae a sound like the perfect option, but keep in mind that you eventually will have to face the payments and interest, which can increase dramatically over time. ‘Also watch your credit card balances. Pay cash when a trae eee for purchases using available funds. This is similar to, shopping with a debit card, but without releasing debit ee aa et aT) ee ae a ag pone ey Retailers and payment providers process thousands, millions, even billions of transactions around the clock Se eee) review all statements to ensure everything is correct, Think about activating online accounts that ore offered eee er ae instantoneously view transactions as they are made, confirm orders, check account history, and find suspicious een DO ud ‘As you shop online, look for Web sites that offer eBillme, Se net eager A a eee! worry-free shopping any time of the yeor by selecting the eed