Having a secure payment method when shopping in-store or online is an important aspect to consider, especially in this digital age where our personal information could easily be compromised. Here, we are going to delve into ways of making your transactions as secure as possible in this coming year.
Secure Online Payment Methods
In the era of digitalization, online shopping has become a norm. However, with the rising cyber threats, it’s essential to be aware and exercise safe payment methods. Here are some safe methods to consider:
Credit Cards
Making purchases and getting charged to your credit card is a common online payment method. If fraudulent charges amounting to $50 occur, the Fair Credit Billing Act comes in handy as it limits liability.
ACH Payments
Automated Clearing House (ACH) payments are yet another secure form of transaction. You can transfer funds directly from your checking account to another bank account. The process is encrypted and adheres to stringent security features to keep your banking information safe.
Stored Payment Credentials
When using stored payment methods to make purchases more secure, it’s advisable to set up a credit card with zero fraud liability as your preferred method of payment.
Secure In-Person Payment Methods
With technological advancements, in-store payments have become more secure than ever, especially for payments made using a mobile device.
Credit Cards with EMV Chip Technology
EMV chip technology has been a game-changer in the payment industry. Cards with this technology are much safer as they can eliminate counterfeit fraud.
Credit Cards with Contactless Payment
Contactless payments have rapidly gained popularity since the onset of the covid-19 pandemic in 2020. The EMV chip and pin credit cards are one such example.
Payment Apps
Payment apps like PayPal, Google Pay, Apple Pay, and Facebook Pay have restrictions in place like multi-factor authentication, notifications, and facial or fingerprint recognition, making payments through them more secure.
Payment Methods to Avoid
Debit cards should be avoided for payments as they are comparatively riskier. There are higher losses incase fraud is reported more than two business days but less than 60 calendar days after the statement is issued. This could put your personal funds at risk.
Shopping online or in-store doesn’t need to be a cause of worry if the correct payment methods are used. Armed with this knowledge, you can now venture into 2023 confident in the security of your transactions.
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