The internet has really changed the way we do many things. One of the biggest things it has changed it our ability to shop from the comfort of our home, at any time of the day or night. You can shop around on a variety of shopping websites, load items into your online shopping cart and then pay for them. You simply copy the data from your credit card into the webpage and click purchase. You then wait a few days, and your items are shipped right to your home. You never even have to leave the comfort of your own home! These transactions work on a card not present transaction, meaning you do not even physically have to have your credit card on you, just the information off of it. Although this may be beneficial, it can provide ease for hackers to steal your credit card information.

In 2014, there were $16.31 billion worldwide fraud losses from payment card fraud. Additionally, in 2020, the projected amount of worldwide fraud losses is estimated to be $35.45 billion. Most credit card companies provide some type of protection to their customers, ensuring that even if their information does get stolen, that they will not be responsible for any of the charges that are incurred. Many even offer a card not present fraud prevention, meaning that the customer could still have the credit card in their possession and report credit card fraud. Most credit card companies have to offer this card not present fraud prevention, because of the huge amount of people now shopping online.

Data breaches totaled 1,540 worldwide in 2014, up 46% from the year before and led to the compromise of more than one billion data records. Unfortunately, the internet provides an easy vehicle of fraud and information hacking for internet hackers. The up side is that many websites are now being charged for allowing their websites to be hacked into. Although card not present fraud prevention will help the customer, the credit card companies and federal regulations are going after the individual stores for allowing their information to be hacked into.

Although some hackers can get into any type of server, there are minimum regulations that are set to individual stores and online websites in order to protect their customer?s information. If multiple customers are hacked from a specific store, their protection capabilities will be checked and monitored. If it shows that they have not fully complied with the minimum set regulations, they can be fined. These fines help the credit card companies who offer things like card not present fraud prevention and chargeback protection.

Additionally, many credit card companies also include monitoring services. This allows them to monitor your purchases and if any show up that do not match your shopping habits, they will put a hold on the payment and attempt to contact you. If the customer if unable to be reached, they will keep the credit card on hold, preventing any further purchases and any further losses from occurring.

The internet is obviously a big and important part of our everyday lives. It has even changed the way that we shop. We no longer have to leave our homes. We can simply put our credit card information into the webpage to purchase the items that we want. The items are then shipped directly to our home, making it very convenient. However, the lack of requiring the actual credit card can increase the chances of credit card fraud occurring. Fortunately, many stores have minimum set regulations for protection and many credit card companies offer card not present fraud prevention and chargeback protection.