Do you realise that credit card information is one of the most common forms of personal identification volunteered online? With today’s online shopping environment it’s concerning how we can just dish out card details without a second thought of the possible ill-consequences.
Identity theft, fraud, and theft are just a few of the risks associated with splashing your credit card details all over the internet. Nefarious online criminals are constantly looking for opportunities to breach networks and gain access to personal data. Safeguarding your details by using secure online payment methods will reduce your risk of exposure to these hackers.
Paying online is very different to making a physical transaction, where you are dealing with technology such as a magnetic card reader, or lintechtt machine. Online there is no physical identification requirement to complete a transaction. All you need to successfully pull it off is enough of the right information.
How then do you make an online payment without using your credit card details at a payment gateway? Here are three secure online payment methods that you should consider before you check out at your favourite online retailer.
#1 Online payment services
Instead of entering your credit card details multiple times over a myriad of sites, enter them once in an online payment service. An online payment service captures your information and then links it to a payment profile that is used at the checkout of your retailer.
Google Checkout is a great example of a handy alternative payment option. As long as you are signed into your Google account, you can complete a transaction by simply clicking a button on the vendor’s checkout page. Paypal is another viable service that has undergone huge security upgrades in recent years to make their system more secure. PayPal is accepted at almost every online retailer and is used by millions of people to complete transactions every day.
In case you are concerned about people breaking into your online account, both of these services offer reimbursement against any fraudulent activity as long as it’s reported within 60 days from the incident.
#2 Secure cards
Verified by Visa and SecureCode by MasterCard are examples of two offerings of online security measures implemented by credit card companies. They both require you to enter a security PIN that is sent to a mobile device as a secondary security measure for the transaction. It’s an added layer of security used online since there is no way to scan a RFID chip. RFID chips are the chips found in credit cards and passports that hold key information. This information is scanned by passport scanners and ATMs to verify the card information.
#3 Crypto currencies
The recent rise in the value of Bitcoin has spurred interest in its viability as a means of payment online. Bitcoin is the largest of the crypto currencies with a $35 billion market cap as of June 2017. Bitcoin has increased in value as much as 1000% in the last two years to trade at near $3000 a coin.
Bitcoin is not regulated by any central bank. This means that no government has the ability to manipulate its price. The price for Bitcoin is driven by market demand. Citizens of countries and cultures have woken up to the fact that their governments are diminishing the value of their savings through currency debasement and devaluation. This has driven demand for alternative currencies that can be used as a store of value.
Each Bitcoin transaction is individually recorded on the ‘Blockchain’ and can be tracked by its unique identification code. Using a secure wallet with two-step verification allows you to be completely secure and anonymous with your payments online.
Bitcoin can seem confusing to understand at first, but a little research into its benefits shows that Bitcoin and the ‘Blockchain’ technology that supports it may be the future of secure online transactions.