Performing money operations online is always risky. Despite different kinds of protection, there is still a chance that the information will be stolen and used by the thieves. It can happen during shopping in a regular shop as well but online payments are more likely to get affected by malefactors.
As for regular online payments, the security often depends on a payment method you use. Let’s discover pros and cons of the most popular online payment methods and find out how to use them safely.
1. Credit Card
Pros
The level of fraud protection is very high. In case of any suspicious operations, you can report them and make a chargeback. It is also possible to reverse the money if you did not receive what you ordered. You do not spend money from your bank account directly. As long as you react fast, you will not pay for any suspicious charges.
Cons
You may not pay attention to agreeing with recurring subscription and automatic monthly payments. It usually happens during personal expenses and you may notice the payments too late when they cannot be reversed.
Recommendations
It is possible to obtain a one-time-use credit card number for shopping online. There will not be any risk if the number is stolen. Another solution is to get one more credit card for online purchases only and check the activity regularly. Keep in mind that UK residents can take advantage of UK no credit check loan too.
2. Third-party Payment Services
Pros
PayPal, Google Wallet, and other third-party services provide a strong level of protection. Instead of putting your card information on every unfamiliar website it will be kept only in the system of one of these services. It makes it harder for the hackers to get your card details and make any fraudulent payments.
Cons
In case you decide to dispute the charges, your account might be temporarily frozen or even closed if the case does not end well for you. It is possible to continue shopping without PayPal or Google Wallet but it causes certain inconveniences as these payment methods are very popular.
Recommendations
If you have doubts about the purchase and feel there might be a future charges dispute, it is better to use a credit card to make the refund process easier. If the website is suspicious, but you still want to make a purchase, choose the smallest package or order a tester. This way your information will be safe and the amount of money you may lose is not very big.
Debit Card
Pros
The money from debit cards goes directly from your account. It is easier to use them because there are no applications, approving processes, fees or risks to get debts. The debit cards are less expensive and easier to get. The protection level is almost as high as during a credit card usage.
Cons
When you pay by a debit card the money goes directly from your bank account. In case of mistake or fraud, you risk losing all the money from your account. It can make you incapable to pay bills and make daily purchases. As the protection is very strong you are most likely to receive your funds back but it takes up to ten business days which is not very fast.
Recommendations
It is better to use debit cards only if you are extremely attentive and have some extra money somewhere else in case of emergency. Otherwise, try to refuse from making online payments by debit cards. If you do not own a credit card, consider getting a prepaid card for shopping online.