Using your credit card to pay for your Black Friday and Christmas purchases is quick and easy — just swipe your card at the counter and you’re good to go. What’s great is that you can use your credit card to buy stuff online, too.
On the e-tailer’s checkout page, just provide the required credit card details to complete your purchase. You may even save your card information — if the eCommerce store offers an online wallet functionality — to speed up your next transactions on the website.
Online credit card payments are undoubtedly convenient, but they come with several security risks. In this blog, we will talk about how you can securely shop online using LastPass.
What are the dangers of online credit card payments?
One of the primary risks associated with credit cards is identity theft, which is when someone makes purchases using your credit card without your knowledge or consent. The incidence of credit card identity theft rose significantly in the past year, thanks in large part to more people shopping online during the COVID-19 pandemic.
In fact, online shopping was the second most common fraud category among the 2.1 million incidents reported to the Federal Trade Commission in 2020. Credit cards were also the most frequently used payment option in all types of fraud.
To commit online credit card identity theft, crooks have to gain access to your card details. There are several ways in which they do this, including hacking into your devices to steal the personal information you stored there.
They can also infiltrate the IT systems of the businesses that hold your credit card details. For example, cybercriminals stole customer payment information from Macy’s in 2019 by hacking into the “Checkout” and “My Wallet” pages of the department store chain’s online shop.
How can LastPass protect you from credit card identity theft?
Having to repeatedly fill out forms on an eCommerce checkout page with your credit card details can be a hassle. This is why many users opt to simply save their payment information either in a document stored in their own device or the e-tailer’s online wallet feature. Instead of doing these, you can store and secure your credit card details in a LastPass digital wallet.
Like conventional online wallets, LastPass’s digital wallet lets you register your credit card information and readily use it when you have to make an electronic payment. It works in tandem with LastPass’s autofill functionality, which automatically populates forms with the information you registered into the app.
For instance, when paying for a purchase, you only have to click on the LastPass icon in the credit card number field and the app will input your details for you. This lets you quickly make purchases, which is crucial when you’re chasing deals on Black Friday.
LastPass stores your credit card information in the very vault where your passwords are kept. This vault is protected by your master password and multifactor authentication, which stymies hackers by requiring them to provide multiple proofs of their identity.
And supposing cybercriminals get past these measures, LastPass encrypts all the data in your vault, preventing unauthorized parties from decoding and using your information. On that note, none of the information stored in your vault is shared with anyone — not even LastPass.
How do you register your credit card details to LastPass?
To save your credit card information on LastPass, click on the LastPass extension icon on your browser and click Open My Vault. Once you’re inside the vault, go to the menu on the left side and click Form Fills. This will open a box that lets you create a Form Fill profile for your card.
At the top of the box, change the type from “Generic” to “Credit Card.” After this, go to the left side of the box and click Credit Card, and then type in your card details. Some of the fields may require information, such as issue or start date, that may not apply to your card.
Leave these fields blank. You can also have the app require your master password every time you use LastPass to autofill your credit card details. To enable this feature, tick the box beside “Require Master Password Reprompt.” Click Save.
LastPass is one of the best tools to protect your credit card details and other personal information from cyberthreats. If you want further information on how you can protect your data, Fidelis ’s specialists are always ready to assist you.
Learn more about data breaches and how to protect your business from them by downloading this free eBook today.
