Everyone around the world is using credit cards for a large majority of financial transactions, with a great deal of those transactions being online. In Egypt, however, the concept of using credit cards has long been thought of as a financial risk; it’s a step most of us are not willing to take. Even with the advancement of technology in Egypt, and the need for remote payment methods, many have preferred the alternatives to credit card payments.
Yet, we know that there is no stopping that change, and that we respectively need to treat credit cards as a normal and safe payment method. Last week we talked about the tragedies associated with risky online purchasing activities and how to protect yourself against them. Specifically, we advised Egypt’s online purchasers to steer away from paying using credit cards.
Nedal El-Saied, Chairman of the Communications Committee in Egypt’s Parliament, stated that “Egypt is in the need for a legislative infrastructure that clearly specifies duties and rights, when it comes to online purchases.” Accordingly, Egypt’s Parliament is introducing new laws to help protect consumers against cyber thefts.
Under these new laws, those who attempt to access private credit card information, will receive a sentence of no less than three months, and/or will be fined anywhere between 30,000 and 50,000 EGP. As for those who intend to use this information to steal from others, they will be fined anywhere between 50,000 and 100,000 EGP. Those who succeed in stealing money from others, will receive a sentence of no less than a year, and/or will be fined no less than 100,000 EGP.
Stay safe everyone!