If you love shopping for items online and sometimes make bank account transfers to buy what you want, then you must stop!
Why? Because it will be a hassle to get your money back whenever you are not happy and want a refund. Making bank transfers to pay for items online puts you at the danger of losing your money because no law covers such transactions.
These red flags were raised after four fraudsters who ripped off 100 victims nearly £552,000 were put behind bars a few weeks ago. The four tricksters posted fake advertisements of imaginary items and services on counterfeit websites and persuaded innocent shoppers to pay via bank transfers.
The downside of paying through bank transfer transactions is that you are not protected with the same regulations that cover Credit Card and PayPal transactions.
According to recent statistics, bank transaction fraud went up more than two-fold in 2018. Despite this high rate, innocent shoppers were receiving back 20% of what had been of what scammers had taken from them.
So as May was welcoming June, a new regulation was effected to protect shoppers from bank transaction fraud. But the law is voluntary so you can’t be sure you’ll get your refund.
Tips to Stay Safe from Scammers
Here are a few tips to keep you safe from fraud.
What out for any seller or service provider who asks you to make a bank transfer or use digital currencies rather than secure avenues like credit cards or payment solutions like PayPal.
Trust your intuition. Don’t ignore your gut feeling. Stop the purchase process anytime you find yourself asking too many questions about any online retailer and their payment avenues. Make payments only after you have verified that the validity of the business and the safety of their proposed payment method.
Stolen personal data gained during cyber-attacks are making it easier for criminals to target specific individuals through phishing. Be warned about unusual calls and texts, do not trust anyone who calls and drops some basic info about you. Also, you need to look out for suspicious requests of financial or personal data.
Some banks have not adopted the new code, so you may never get your money back if such a financial institution finds you with “gross negligence.”
So to stay safe, go for safer alternatives like credit cards when buying items over the internet.
Remember, section 75 of the Consumer Credit Act protects shoppers who buy products using credit cards and file claims within six years. This law ensures the retailer and the card provider share the same responsibility in case you experience problems with a purchase and request a refund
Refunds may also be available for Debit card purchases through their card brand’s chargeback policy. But this is also not guaranteed because the system is optional and has no legal basis.
Author Bio: Payment industry expert Taylor Cole is a passionate merchant account expert who understands the complicated world of accepting credit and debit cards at your business. His understanding of the industry has helped thousands of businesses get the cheapest merchant services UK.