The Safest (and Most Dangerous) Places to Shop Online
After the Target (NYSE:TGT) data breach, approximately one-third of the U.S. population is now aware that their financial information isn’t as secure as they had previously thought. Some consumers have switched from a debit card to a credit card as a result of this event. This is a wise decision, since fraudulent charges on a debit card can cost you up to $500 — and that’s only if you catch the fraudulent charge within a reasonable time frame.
This time frame will depend on your financial institution. Fortunately, if your account was recently compromised due to the Target data breach and you notice fraudulent charges, Target will cover it. That’s good news for you, and bad news for Target. More on this soon. If you use a credit card at any retailer, then the maximum cost to you will be $50. This is a lot more comforting than $500. For this reason, more people are now using credit cards, and others are using cash. Of course, some consumers have moved their shopping online. Shopping online might make you feel safer, but that should only be the case if you’re shopping at the safest online locations.
Five Safest Places to Shop Online
According to Dashline — a password solution provider — when you shop at the following online retailers, you should feel at ease about your online transactions: Apple (NASDAQ:AAPL), Newegg (online retailer of computer hardware and software), Microsoft (NASDAQ:MSFT), Chegg (specializes in online textbook rentals, homework help, and scholarships), and Target. Apple and Microsoft shouldn’t surprise you. Technological giants such as these are going to be savvier than most online retailers when it comes to online fraud protection. Target might surprise you given recent events, but Target can hardly afford another data breach.
Following Target’s data breach, it now expects Q4 domestic same-store sales to decline 2.5 percent after a previous expectation of flat. Target is also taking a hit on the chin with rising costs, investing $5 million in cyber security, having to contend with lawsuits, and paying for more employees due to rising call volume. Ironically, Target might be one of the safest places to shop right now. However, it’s still going to take the company time to rebuild trust with its customers.