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Online payments - Is your information really safe?

18th May 2020 Print

It is only natural, not to mention responsible, to have concerns about making online payments. Hopefully, this article will help you learn more about the security in place and some safeguarding practices to remember when making payments online. By putting in the time to cover your bases early on, you could save yourself a lot of trouble in the long run.

Before we get into the ways in which you can protect yourself from cyber crime, we’d like to take this moment to reassure you that online payment providers are doing their bit to keep you safe. There are a number of legitimate online payment providers on the market, all of which invest a great deal of time and money into updating and maintaining their security systems. State-of-the-art SSL Encryption technology and two-factor authentication, for example, make for formidable security barriers and do a fantastic job of keeping your financial data safe and sound. 

Convenience Over Security

Whether you are looking for PayPal casinos to enjoy during your time off, finding payment insurance when buying high tickets items such as property or cars, or making sure you are ATOL protected while on holiday, security is paramount.

However, it’s fair to say that we have accustomed to convenience when we are online shopping. We rely too heavily on our remembered passwords or saved card information and we often sacrifice our security information for the sake of convenience.  When we look at the figures, this apathy is remarkable as in fact, 34% of Canadians have been a victim of online fraud.

What Can Be Done

When it comes to online security and making sure payments are safe, it is easier than you might think. Here is a quick run-down of security practices that can safeguard your information and of course, your funds.

Be Scrupulous About Websites

If you haven’t already been, you need to be very careful about where you enter your personal details. Make sure that you thoroughly research the websites that you are making payments at and if you have a strange feeling about the site, then it is always better to be safe than sorry.

Don’t Save Your Payment Details 

While it is appealing to have your information saved, it is not the safest option. You are much better off adding the information each time and not relying on it to be saved. If your device falls in the wrong hands, it is only too easy for your funds to be stolen.

Only Use Insured Payment Methods

Many credit cards will insure your payments and this can be very helpful if something happens as you can claim the money back. PayPal also has insured payments, permitting they fit specific criteria.

Don’t Store All Your Money In One Account

If you have a savings account that is not directly linked to your card, store your money in this and transfer funds when you need. This means that if your card is compromised, they won’t be able to take all your funds, and the majority of your savings are safe.

Look For Security badges

Most websites with payments will provide security badges that endorse their security. A security badge, or trust badge (or trust seal), is given to a website when said website implements certain security systems. The SSL Encryption technology that payment providers use, for example, is also used on websites that sell goods and services. Once this technology is utilised, the website in question can then display the SSL trust badge on their site. If you can’t find a security badge, you can also check the webpage address bar for the little padlock in the top left-hand corner – if the padlock is locked, the website has a security system in place.