A Guide to Making Safe and Secure Payments Online

Every day, hundreds of millions of dollars move around the world via online transactions and payments. This is because online payments have changed the way we pay for goods and services. While online payments improve transaction efficiency, the safety of these payments remains a valid concern.

Business Insider reports that around $34bn was lost to payment card fraud in 2023 alone. This article attempts to help you discover lurking threats to your online payment security and how to stay safe when making payments online.

What are the most popular online payment systems

• Credit cards and debit cards have been around longer than most modern payment systems, so they are widely used. These cards were used for point-of-sales transactions or for cash withdrawals from ATMs, but their use has evolved. Today, you can shop for groceries, pay for a service or book a flight right from your smartphone or computer.
• Bank transfers are another popular option. With bank apps or websites, you can initiate a payment to a designated account. Bank transfers are irreversible for the most part and are often used by hackers to gain specific information.
• Digital wallet services are another popular online payment system. These platforms act as middlemen between providers and customers, which helps eliminate any security risks for consumers. Revolut and PayPal are examples of these services. These payment methods are among the most favoured for iGaming players. Therefore, it is now easy to find reliable casinos that accept Revolut at https://www.irishluck.ie/payment-methods/revolut.
• After initial reluctance from the public, crypto payments are gaining traction due to reasons such as seamless international payments and time effective transactions, alongside less regulatory surveillance. Despite being protected by special cryptographic sequences, users can need to stay alert to ensure funds remain secure.

Common security threats associated with online payments

Whether you are an internet user who pays for things online or a business owner who receives online payments, these are some of the security risks you should watch out for:

Identity theft

Data is an important aspect of our online interactions. When personal data or key financial information about our businesses gets into the wrong hands, we may fall victim to fraud. Victims could be impersonated in an internet crime that they know nothing about. Also, your bank details could be used to open bank accounts or borrow money without your consent. Worse still, hackers could gain access to your savings and empty your account.

Scam sites

These are websites that replicate the site of a reputable business in an attempt to scam unsuspecting online shoppers. For instance, a fake clothing line may be created to sell clothes worth $100 for only $20. When internet users pay, the shopper either gets ghosted or they receive substandard goods. Most times, these scam sites use incredibly low prices to lure in buyers.

Phishing attacks

Despite being a widely known cyberthreat, phishing remains one of the most potent attacks against your online payment security. Phishing attacks happen when internet users click through emails mimicking legitimate businesses requesting an action. For example, you might receive an email from “Google Pɑy” asking you to update your payment details. Observing the “ɑ” used in “Pay” could be a life-changer in the moment.

Malware attacks

Users and businesses can be victims of malware attacks where viruses or trojans infiltrate computer devices to steal data, record the keystrokes of passwords and credit numbers or damage the device.

How to make safe and secure payments online

Security checks before payment

If you have yet to make the online payment, you are still safe. However, here are a few things to consider before doing so. It is important to make purchases or deposits only with websites that are SSL encryption secured. One way to know if a website is secure is the presence of an ‘s’ after the ‘http’ in its address. For example, “https://” instead of “http://”.

If you are not familiar with the vendor, be sure to do your due diligence by researching social proof and testimonials about the business. Also, you may want to resist the urge to use public Wi-Fi, as it is notorious for being intercepted by hackers. In addition to these steps, you can install an anti-virus program to identify and block malware attacks.

Security checks during the payment process

Passwords and PINs are usually the locks to our digital assets, and it is important that we make our passwords as strong as possible. A strong password is a combination of letters, numbers and symbols. You can enable two-factor authentication for additional security. During your purchase, you might be advised to save your password for later; do not consent unless you trust the site.

Security checks after payments

Making payments and receiving your order is not all that should be done. Check your transaction history regularly to ensure that all your debits are accounted for. You may also want to keep copies of your receipts and emails, should disputes arise. Should any discrepancies arise, contact your bank or payment service provider immediately as this increases the chances of recovery.

If you suspect fraudulent activity

Whether you have been scammed, your payment info has been compromised or you suspect suspicious activity, these steps can help you secure your funds or stop further scams.

The first logical step is to freeze your account to disable outgoing payments. You can do this via your bank’s app or hotline. Then, contact your payment service provider’s customer support team to report your suspicion. Change any relevant keywords and avoid using one password for all your accounts. Also, you may want to report the fraud to the appropriate local authorities.

To stay safe, tools like password managers such as 1Password or LastPass can help you generate and store passwords that are difficult to guess. Virtual private networks (VPNs) can protect your identity by encrypting your data during payment transactions and credit monitoring platforms such as Experian can help you track fraudulent activity on your account.

Final thoughts

Online payments have become the order of the day, but cybersecurity remains an underlying issue. From identity theft to scam sites, phishing and malware attacks, these threats wreak financial and emotional havoc. To make safe and secure payments online, you need to ensure that you patronize secure websites only, protect passwords and pins and follow up on payment statements. If you suspect any fraudulent activity, disable payments from your account, contact your bank and report the event to the relevant authorities. Do stay safe when paying online.