With the financial world going cashless it is really important that your online payments are safe and secure. We see cashless payment methods on every e-commerce website be it public or private.
We see several online payment and investment methods these days i.e. credit cards, debit cards, online bank transfers, and even cryptocurrency exchanges and trading both online or through different trading websites such as Bitcoin Circuit which are quite popular and safe as well.
Still, every consumer is under the risk of online fraud. The issue of cybersecurity is more than ever these days. There are several things that you should consider as you do any online payment to make it more safe and secure. Let us analyze different payment methods and the steps we should take as buyers or sellers to make sure that our payments are secure:
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Credit Cards
This is the best online shopping method. You can use your credit for safe online payments. As online protection with credit cards is quite strong and you can easily reverse your payment with them. Moreover, in case of any fraud or theft, you can even get a full refund on your payments and you can easily save yourself from any loss.
However, once you lose your credit card it may take several days for you to get another card. As the process of blocking and reissuing is quite long. Which is why losing a credit card might make you wait for several days.
You should use a credit card only when you are sure of the online platform. You can ask for a one-time use credit card number from your service provider which is another way of secure online payment. Moreover, you can use a separate credit card for your online payments just be sure.
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Debit Cards
These are inexpensive payment methods that are directly linked to your savings account. There are no annual charges or debts on your money. Although, debit card providers often provide zero liability protection.
As your debit card is directly linked to your account, in case of theft your account gets debited instantly. Even with fraud protection plans your money might take a long time before returning to your bank account.
It is advised that you do not use debit cards for online purchases unless you have a message service for all transaction updates. You can even use a prepaid card which is another good way of making your payment secure.
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Cryptocurrency Exchange/Trade Platforms
With the introduction of bitcoins, the market has seen a trend of cryptocurrency trading. You can use cryptocurrencies through various platforms in order to buy or purchase several commodities. As these digital currencies use blockchain technology it is really difficult for hackers to steal information from you. The blockchain tech only allows users to add more data to the blocks making it more safe and secure as well.
There are several limitations to this technology as well. Bitcoins and other cryptocurrencies are still not seen or accepted globally as legitimate currencies. Moreover, once you are hacked you would not be able to get your money back so easily.
This is why it is recommended to use bitcoins only when you are familiar with the online market and are experienced in handling these digital currencies.
