Credit co sounds Internet alarm Net

Credit card giant Mastercard has warned holders not to buy anything over the Internet as the Web will not provide a secure method of payment for at least six months.

The company advised its customers to wait until it launches a secure electronic transaction scheme (Set) in conjunction with its rival Visa.

Testing of Set begins in the Autumn.

In a statement to card holders, Mastercard said: 'At present Visa and Mastercard are working towards a secure method of paying for purchases on the Internet using credit or charge cards. In the meantime, until Set is in place, we recommend that you do not use your card over open networks such as the Internet.'

The company advised users only to give credit card details by telephone, fax or post.

Digital plans to launch Millicent, a coded coupon system which allows browsers to make small payments over the Net.