3.5 million Aussies save their credit card details online
Would you trust your favourite online store with your credit card details?
Australians are becoming more trusting when shopping online. Almost three-quarters of online shoppers in Australia are comfortable to trust popular websites and brands with their credit card details.
According to new research by finder.com.au, a study of 2,026 Australians shows 73.3% of those who shop online automatically save their credit and debit card details when they make a purchase. Although, they were more likely to save their details with reputable big brands over local retailers. Out of the Australians who store their details online, 23.5% trust Apple ID and Google Pay ahead of local retailers (15.6%), the browser saving function (11.8%) and gaming consoles (9.6%).
Interestingly, generation Y online shoppers proved to be the least trusting, with 29.5% of shoppers not saving their details for later use. Generation X are the most trusting, with 23.8% not trusting websites with their card details.
While the convenience of not having to enter your card details every time you shop is inviting, it’s important to consider the security impacts of saving your card details online. Many websites work hard to ensure customers’ accounts remain protected, but it’s not a foolproof system. According to an analysis by finder.com.au, rates of online credit card fraud have tripled to $363 million in the last five years.
Most banks offer fraud protection services, such as Mastercard SecureCode and Verified by Visa, but there are also a few strategies you can follow to increase the safety of your finances. After you’ve made an online purchase, check your bank statement to ensure the correct amount has been taken out and continue to do so over the next few days and weeks to ensure no fraudulent transactions have taken place. If you do notice some suspicious activity in your account, contact your card provider immediately.
While the convenience of not having to type in your card details every time you make a purchase is tempting, make sure you do your research beforehand. You wouldn’t give your credit card details to a complete stranger offline, so use the same policy when shopping online.