With the massive increment in the number of online credit card transactions in a hectic and internet-orientated culture, the consumer has never been more at risk of credit card fraud. Here’s how to minimise your liability when negotiating with your credit card company and maximise your security against credit card theft and misuse.

Although online shopping can be beneficial – consumers can compare and contrast financial products like credit cards with ease; companies like the Co Operative have a range to pick and choose from. However, consumers would do well to be cautious with any type of online purchase.

According to a recent BBC business article, a fraudulent credit card transaction takes place every eight seconds. The most frequent way in which fraud occurs is through online shopping. While you might think you are making a purchase when you shop online, in reality the company from which you are buying is logging the details of your credit card, ready to use it for large-scale purchases of its own. Another way in which fraud occurs is by means of credit card cloning. Say, for example, you pay for a meal in a restaurant; there will be plenty of opportunity for credit card details to be taken in preparation for the making of a card clone. And it won’t be until your next bank statement that you’ll realise someone else has been spending your money at will.

While all consumers are protected from fraud under the terms of the Consumer Credit Act, 1974, and the European E-commerce Directive, 2002, credit card companies can make life difficult in the event of fraud. If you sent your credit card details into a company rather than using ‘Secure shopping’, for example, your credit card company could accuse you of not taking the maximum precautions. Because they would be free to say the fault was partly yours, they would refuse to give you the cover you deserve.