ONLINE TRADING
Trading safely online In today’s ever fast-paced business environment, finding routes to market and dealing with suppliers have now pushed jewellers to look outside the country’s borders. However, dealing internationally requires them to think smarter than before. Jason Laing, an international virtual jeweller, shares a few tips that jewellers need to keep in mind.
ONLINE RETAIL HAS EVOLVED INTO A WAY of trading jewellery internationally, making shopping easier than ever. However, it has also increased the likelihood of you not receiving the goods you ordered, your information ending up in the hands of the wrong person or security becoming an issue, since the safety of online purchases has not advanced with the pace of online sales. You therefore need to due diligence to protect your personal or company information, along with deliverables of goods purchased. Jewellers in SA seem to be unaware of what to do or what is required in order to trade internationally online safely, so here are some helpful tips to get you started and assess whether you are doing things correctly. Keeping your information safe 1. Using a credit card for purchases has become a way of life for us all when it comes to online transactions, so use a credit card with online fraud protection. Many banks will return your money if you are defrauded and, in many cases, will notify you if an irregular transaction is taking place with your card. Contact your bank or credit card provider to determine whether your card has such protection. If not, try to find one that does offer insurance for online purchases. Credit cards are more likely to offer fraud protection than debit cards.
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In some cases, there are alternative options to using your everyday credit or debit card, with banks offering “single-use” credit card numbers. These can be used for only one purchase, so even if your information is compromised, it cannot be used again. Ask your bank whether this is an option on the account you hold with it. 2. Be smart and take note by recording the purchase details of your transactions. After making a purchase, always record the time, date, receipt number and order confirmation. If you cannot print this out, take a screenshot as proof of purchase by either using the print screen option on your PC or taking a picture with your mobile phone. 3. Be diligent and keep an eye on your bank accounts. Also check your statements regularly when shopping online, as well as your credit and debit card statements. Look out for any suspicious charges and check
the charges against your transactions. Call your bank or credit card company immediately if you see anything that does not match the transactions you have recorded. If you find duplicate transactions, irregular amounts or even a change in description of the vendor you purchased from, chances are you have been hacked and you need to contact your banking institution immediately. (Tip: Find the fraud notification number of your bank and keep it on your mobile phone contact list so you can dial it immediately, since transaction notifications often come out of business hours, especially if your card was used for an overseas purchase. These fraud notification lines usually operate 24/7, or they will get back to you first thing in the morning if you dial them late at night.) When possible, try to make purchases primarily
SA JEWELLERY NEWS – JANUARY 2020