Secured Online Payment Options(2022)

cybercrime is definitely on the rise. Main cases are of frauds related to online payment. According to the latest survey, about 32% complaints were about  scams involving government benefits, including federal stimulus payments. Coming in a close second was new credit card account fraud. Making upto 30% of all identity theft complaints last year.

With all this in mind, you may be wondering about the safest ways to pay for purchases when you’re shopping in a store or browsing the web. The good news is, there are plenty of in-person and online payment methods that have the technology and features to keep your personal information safe.

Safe Online Payment Methods

If you’re hoping to make your transactions as secure as possible when you shop online, consider the following online payment methods.

Credit Cards

By and large, credit cards are easily the most secure and safe payment method to use when you shop online. Credit cards use online security features like encryption and fraud monitoring to keep your accounts and personal information safe. Most issuers also offer zero fraud liability that ensures you won’t be on the hook for a cent in transactions  charged to your credit card.

Beyond the zero fraud liability coverage credit cards offer,  you can only be legally liable for up tp 50$ in charges on a credit card due to language in the Fair Credit Billing Act(FCBA).

ACH payments

Automated Cleaning House (ACH) payments let you transfer funds directly from your checking account to another bank account. This payment network adheres to plenty of security features that keep your banking information safe, such as encryption and the implementation of access controls.\

Voice payments

According to the 2020 How Will We Pay by PYMNTS and Visa, 23 million consumers who own a voice device. Just like an Amazon Echo or Google Nest, use their device to make purchases while going about their daily routines. If you want your voice payments to be more secure, you should set up a credit card with zero fraud liability as your preferred payment method.

Payment apps

Payment apps like PayPal, Google Pay, Apple Pay and Facebook Pay let you store multiple payment methods in one place for convenience and security. With a payment app, you can benefit from features like multi-factor authentication, notifications and even facial or fingerprint recognition.

With Apple Pay, for example, you have to have a passcode on your device. But you can also set up Face ID or Touch ID. Apple Pay also doesn’t actually store or have access to your payment information. Also they don’t retain any transaction information that can be back to you later on.

Payment methods to avoid

While every type of payment method has some disadvantages. Debit cards are probably the riskiest form of payment. Debit cards do offer the convenience of credit since you don’t have to carry cash around or write a check. But the funds you use are actually tie to your bank account.

Unlike credit cards that typically come with zero fraud liability and limit you to $50 in losses per the FCBA, debit cards only limit you to $50 in losses if you report the fraud to your account within two business days after you noticed it.

  • If you report fraud more than two business days but less than 60 calendar days after your statement is send to you, you could be on the hook for up to $500 in charges.
  • If you don’t report card fraud for 60 or more days after your statement is sent to you, you could lose “all the money taken from your ATM/debit card account, and possibly more; for example, money in accounts linked to your debit account,” according to the Federal Trade Commission.