Online safety – how to make stress-free payments

The introduction of the internet to the world of business has facilitated many aspects – from communication, sales and purchases to payments. We have quickly grown accustomed to the comfort of making a purchase online and on the go, and being spoiled for choice while being able to shop from anywhere in the world. However, we do have concerns while making payments online due to occasional security breaches, resulting in theft of both funds and identity.

Online security measures in this particular area are being updated on a daily basis and here we shall focus on some of the most secure online payment methods available.

Credit cards

While some of you may feel uneasy about leaving your credit card information on websites,but paying online with a credit card is easily one of the safest payment methods. Online security features like encryption and fraud monitoring are there to keep your personal information safe. Furthermore, there are credit card issuers that offer zero fraud liability, which means you won’t be at a loss if there are fraudulent transactions on your credit card.

The Fair Credit Billing Act also limits your liability to $50 in case of security breaches. In case your card is lost or stolen, you can report it to the bank that will block it immediately and prevent any kind of illegal activity. There are card issuers that offer virtual card numbers you can use to make purchases online, thus protecting your actual card number.

Having a designated credit card used only for online shopping is also a great way to increase safety measures. You can transfer an amount you need and if there is a security issue, the loss won’t be as great as if you used your regular credit card.

Third-party payment services

PayPay is undoubtedly one of the most famous services of this type; however, Apple Pay, Venmo, Payoneer or Amazon Pay are not far behind. The safety is reflected in the fact that, once you provide your payment information to the platform, you can use it for online payments without disclosing your information to the particular website you wish to make a purchase on.

Nevertheless, breaches are possible here as well, and one way you can reduce the risk is carefully choose the websites you interact with, especially if you’re a frequent shopper, or even more so, like to place an occasional sports bet. Doing your research and learning more about betting sites can help you avoid many potential dangers when it comes to online payments.

Many payment services offer buyer’s protection if you receive the wrong goods, damaged or don’t receive the items or service at all. They will even reimburse you for the shipping costs if you are swindled by your chosen seller.

Debit cards

Using a debit card for online payments means that your funds are deducted from your account directly. You also have ‘zero liability’ protection and you don’t have to worry about going into debt as you would with a credit card.

A prepaid debit card is a great way to stay safe since there is no direct withdrawal from your account and it’s an online transaction that requires less time, in general. The debit card issuers provide 24-hour fraud monitoring services and can prevent cybercrime in time by detecting suspicious activity.

Usually, one-time passwords are used in debit card transactions. They are sent to the cardholders by SMS, so it would be a major red flag if you received a code you didn’t ask for, and you could take appropriate steps.

Wire transfers and UPI

There are sellers who prefer wired transactions – they will give you an account number to which you will transfer the funds. You’ll get a transaction ID that you can share with them as confirmation that the payment was made.

Unified Payment Interface (or UPI) is a digitized payment system that allows sending money from one account to another. All you need is a UPI application and you can make a transaction to any bank. What makes it secure is the fact you don’t have to share your debit or credit card details with anyone, and there is thorough authentication required for every transaction.

To summarize

Being careful and using secure methods of payment allows us a stress-free shopping experience. Otherwise, there may be great financial loss and even identity theft, lengthy legal procedures and stress. Using safe online payment services gives us peace of mind above all other advantages.