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What Is The SAFEST Payment Method Online?

What Is The SAFEST Payment Method Online image
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What Is The SAFEST Payment Method Online?

What is the safest payment method online? The most secure payment options are: Credit Cards, Debit Cards, Paypal, EFT transfers, eWallets, Bitcoins, or Direct Debit. The safety Ultimately depends on the circumstances.

Credit cards for instance; are considered the most secure payment method online; by popular demand. We've previously written a more detail answer to: Can banks find out who used your cretit card? You'll be astounded at how sophisticated the financial systems became.

Consumers tend to confuse the word "safest" with "perfect." Disappointingly they later discover that nothing is 100% percent perfect, not even your love-life

Lost or stolen credit card fraud increased to 44.5% in 2017 - with 76.1% of fraud occurring in South Africa. Counterfeit debit card fraud decreased to 32.2%, with losses of R65. 3 million. Counterfeit credit card fraud decreased by 23.2%, with losses of R83.6 million.Learn More Here!

Sometimes the benefit of a relationship, product, or service. Can be the same reason for the vulnerability (stigma) that surrounds it.

Each Online Credit Card Transaction Is Different In Many Conflicting Ways Like Relationships:
  1. For instance; a person that uses the payment method on public WiFi is more unsecure than someone using it on a personal device.
  2. If you use the same method on a untrusted website, you're more susceptible to cybercriminals attacks than someone on an encrypted platform.
  3. Likewise if you use it on a malware infected PC . You're more endangered than someone using security firewalls and antivirus software.
Bottom line:

Credit cards are the safest payment method for web based payments, but it all depends how securely you use it.

Even the safest cars in the world; are only as safe as the person sitting behind the steering wheel. If you drive dangerously, it defeats the purpose.

Logistically speaking; if you use credit cards recklessly in public wireless hotspots, shared computers, or contaminated devices.

You risk the chances of losing your card's information; which exposes you to criminal transactions.

Although you don't actually lose the physical card itself and may not be liable for any unauthorized charges; from certified businesses. You might be risking the chances of losing money to criminal accounts.

What Are The Risks Of Online Payment?

  • Identity Theft: Situations where your login details to your banking facility, or private card information gets stolen. Through phishing, spyware or unauthorized backdoor privileged access to your network.
  • Untrusted Merchants: This is very common on the "Dark Web" however it's not only limited to it. This is where you type your details on dishonest eCommerce websites, buy fake products, etc.
  • Authorized Transfers: Where you unknowingly make payments to criminal accounts; which results in financial loss.
  • Unauthorized Payments: Once a criminal steal your credit card details, they pretend to be the account holder and purchase products, perform financial transaction, etc.

So What Is The Safest Payment Method Online?

Credit cards are by far the safest payment option online by popular demand AND the fact that there's so much work that goes into making it even more secure; every step of the way.

Banks, merchants and the central data governing system are working tirelessly to increase security encryption, adding fraud detection technology, security checks, fraud monitoring, sending fraud alert notifications, etc.

But honestly they need You (the consumer) to jump onboard. You need to share responsibility by learning how to use credit cards more securely.

Because fraudsters continuously target home users, considering the fact that they don't necessarily invest in extra internet security to keep their personal information safe.

Fortunately for You, we happened to compile few security precautions that you can use immediately.

  • Use a Private Computer: Instead of using public or shared devices, rather dedicate a private device; that you only use for online shopping. To avoid exposing it to malware or opportunistic attacks.
  • Use A Secure Connection: Make sure you create a strong password ( letters, symbols and special characters) for your wireless network and devices.
  • Internet Firewall Security: Most elite internet routers already has built-in network firewalls. The benefits of firewalls is that it blocks Spyware communications between your device and its senders. It also eliminates links that comes from uncertified sources.
  • Antivirus Software: One of the many advantages of good antivirus programs is that apart from detecting and removing viruses. It also automatically investigates whether a merchant's website (URL) is trustworthy or malicious.
  • Certified Credit Apps: Has top quality security features, advantage and benefits. But you should keep your smartphone encrypted to avoid sensitive data exposure in cases of loss or theft.

There are some manual ways to protect your device and iPhone has by far the most superior smartphone features. While Android power phones on the other hand requires additional security apps from third party developers.

But automated security measures are the best way to go (unless you use Apple Products), because most manual solutions are highly restricted.

This explains what is the safest payment methods online and why each are unique or better than others, according circumstances in specific scenarios. However you should further equip your connecting device with additional fraud detection technology. With cybersecurity advancements, you can automatically detect suspicious software, or behaviour. Especially now that we're trying to figure out: Which is more dangerous worm or virus?