Is online Shopping Risk free ?

My answer is Yes , if you are alert .

Net is full of online fake companies

Very recently an international fast food company advertisement appear on Facebook selling Burger meal and Chicken meal with 50% discount . The advertisement banner looks same as original on the company internet site. Those who bought these meals using credit card were for the shock to find that their account was emptied by this fake site. Shopper should use their sense that how anybody can give a 50% discount on burger meals . Those who intend to buy items on line should be 360 Degree alerts before using their credit card to do such purchases. More than 50% fraud which happened in India are done on line.

Online shopper in India are increasing by 6%

20% Indian do shopping  online in 2022 by spending aprox Rs 14,000/= per year. By click of a button you can order anything on line using smart phone. About 2.6 Billions people in this world did online shopping in 2022 ie 33% of world’s population. With the annual growth of 4%  in online shopping in India, by 2030 half of the Indian will be doing shopping on line. The cashless transaction as promoted by the Govt may be making the shopping easy but one has to alerts while making payment.

How to mitigate online shopping fraud

Internet shopping, like any other on line activity, carries certain risks. However, with proper precautions and informed decision-making, you can significantly reduce the risks and have a safe online shopping experience. Here are some potential risks associated with internet shopping and tips to minimize them:-

Security risks: When shopping online, you need to provide personal and financial information. The risk of this data being intercepted by malicious actors is always present.

To mitigate this risk:

1. Shop on secure websites (look for “https://” in the URL and a padlock symbol).
2. Use strong and unique passwords for each online store.
3. Avoid using public Wi-Fi for transactions.
4. Consider using a virtual credit card or secure payment methods like PayPal.
5. Make the credit limit of your Credit card at low figure.

Fraudulent websites:– Some websites may be created to scam customers by selling counterfeit or non-existent products. Be cautious and verify the legitimacy of the website before making a purchase. Look for customer reviews and check if the website has a physical address and contact information.

My bad online shopping experience

Recently I bought reading Specs on line which promoter says that it is 5 star product but for 7 days it is being should with 30% discount as a special promotion.  The specs on the video shows that the glass its adjustable and can be adjusted to use for reading purpose and for far distance ( Bifocal lance can be adjusted ) with great clarity. I used by card and paid money equivalent to $40 .Once I got a courier from a company showing no company name and opened it , it was a plastic toy type items for children to play . When I rang back , the phone was not answered despite many attempts.

The risk factor on online shopping

Delivery issues: There is a risk of ordering items on line carry the following risk –

1. Majority of online Store do not have return and refund policy . Some online retailers may have strict return policies, making it difficult to get a refund for unwanted or faulty items. Always review the store’s return and refund policies before making a purchase. Amazon have a best return policy with no question asked if the shopper did not like the items , he gets refund ( Very unique in the world )
2. The material delivered to your door step is different than the picture shown on the Advertisement. Incorrect product descriptions: The actual product received may not match the description or images provided on the website. Read customer reviews and consider buying from well-known brands or reliable sellers to reduce this risk.
3. The packing is bad and after opening the box the item found damaged and broken.
4. Online shopping can make you vulnerable to identity theft. Be cautious about sharing unnecessary personal information and regularly monitor your financial accounts for suspicious activity.
5. Be wary of emails or messages asking for sensitive information, as they could be phishing attempts. Legitimate companies will not ask for sensitive information via email or unsolicited messages.

How to protect your pocket while shopping online

By staying vigilant and practicing good online shopping habits, you can reduce the risks and enjoy the convenience and benefits of internet shopping. Always remember to use reputable websites, secure payment methods, and protect your personal information.  Read the following thumb rule to avoid online shopping scam .

It is always advisable that the Credit card which is used to buy items on line should have a low credit limit  , so that in case of fraud the money lost is not huge.