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The Currency Club’s Tips on How to Purchase Travel Money Online Securely and Safely

By The Currency Club Subscribe to RSS | February 28th 2012 | Views:
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The widespread introduction of the internet to the general public was in 1994 and since then, the growth in online shopping, particularly in travel related products has been dramatic. The internet marketplace has now become a retailers’ battleground as consumers become more and more comfortable transacting online. Key drivers of online shopping growth are mainly internet penetration, income levels and cultural factors. Regarding travel currency in particular, the ability for the online consumer to compare exchange rates between various suppliers is quick and easy however, consumers need to remember that transacting online still has associated risks, so when finding a travel currency online provider check that the company and website is secure.

Online transactions especially regarding financial related products such as travel money, should always be conducted through a secure medium to prevent payment card fraud, identity theft and to maintain your privacy. Here are a few measures that should be taken into consideration to guarantee secure transactions online.

1)Check how Secure the Website Is

Secure Sockets Layer (SSL) encryption is used by online travel currency supplier The Currency Club, to prevent credit card numbers in transit between the consumer and the merchant. Lax computer security can allow hackers easy access to steal personal details and credit card numbers.

The Currency Club also offers secure 3D transaction services to safeguard your transaction from cyber frauds. Find out if the online foreign exchange provider that claims to give you the best currency exchange rate is a 3D secure one or not. It is a secure verification process for transactions where you, the card holder, is not present. It's known as 3D Secure and can be considered the online version of 'Chip and Pin' technology, whereby the cardholder has a custom-made password registered with their card that is entered during the checkout process. This private code provides you added protection against unauthorized use of your card at participating online shops and confirms that you are the authorized cardholder.

2)Look for the lock sign:

Try to spot the lock icon in the Security Status bar of Internet Explorer or at the top of your screen before you are ready to buy travel money online.This indicates that the connection that you are using for online transaction is secured.

3)Does the Company Store Payment Card details?

There are several online foreign exchange businesses that may store customers’ bank account details and other credentials in their database. There are others such as The Currency Club that do not and it is always advisable to opt for such business organizations as the chance of misusing your data is extremely reduced.

4)Include Online Reviews in Your Research

The majority of online shoppers conduct research on a company by reviewing the company’s own website, browsing the Internet using search engines and through recommendations. Any reputable online company will have press mentions and testimonials left by satisfied customers on impartial review sites such as Trust Pilot, Review Centre and Free Index. These portals are easily accessible and should provide greater confidence when transacting online. One must look for consistency in reviews as well as assess the legitimacy of each comment.

5)User Interface and Website Transparency

A website is the main platform from which an online business makes its first impression. Observe how well explained the company’s product offering is, read the Who We Are tab, is it clear? Look at the usability of the site, are the steps of placing a transaction online intuitive? Furthermore, check for transparency especially regarding transaction costs. All these observations should give you a sense of whether a company is trustworthy and never discount your gut feeling. If a website is cluttered and unclear than there can be no confidence in placing a transaction online.

6)Industry Governing Bodies and Company History

Although payment services firms are not required to be authorized and regulated by the Financial Services Authority they are still governed by HM Revenue and Customs and are required to be registered by the FSA. Being governed by both bodies subjects a company to conduct its due diligence to the highest standards, complete regular training on anti money laundering and fraud prevention regulations and expect frequent on site visits allowing third party Compliance officers to conduct their relevant audit. Furthermore, the company’s existence within the travel currency space and its history is extremely important. Transacting online with a start up company that has little history questions their credibility, no matter how enticing the exchange rates are.

If you are looking for a reliable and secure online foreign exchange currency provider; reach out to The Currency Club at www.thecurrencyclub.co.uk

The Currency Club - About Author:
The Currency Club is a young and innovative company that has introduced one of the first fully automated online retail currency systems to deal with travel money requirements for its members.

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