Rhi Admin
No one will deny what a fantastic invention the internet is. It’s helping to connect people, has created greater accessibility to a range of products and services for all sorts of purposes, and is helping people to complete tasks easier. However, it has also exposed users to threats such as online bullying, fraud, impersonation, harassment, exposure to violent/offensive content, and more.
This misuse of the internet has made it essential to take care online, especially when making payments or conducting other transactions. Below is a discussion of safety features to look for when paying for something online, payment methods you can use online and when you might use them, and what can happen if these safety features are missing.
Different types of payment methods
Businesses understand that people may prefer to use different payment methods when paying online and will facilitate the use of these. Below are some that people use.
Bank transfers
Bank transfers are generally secure transactions entailing payment from one bank account directly into another. In the UK, you may use this option when settling a business invoice or, if you’re self-employed, a tax invoice. Banks often implement MFA or 2FA for bank transfers.
It’s always best to be careful with this one because you can get scammed if you’re not paying attention to the issuer’s details for payment. You may end up directing the funds into a fraudster’s account or, by mistake, to the wrong account.
Digital wallets
Whether you’re playing at the fastest paying casinos or casinos that have lengthier payment terms and conditions, a digital wallet is a useful method of payment that many players use. Rather than supply the online casino with sensitive personal or financial information, they provide an email address linked to their bank account. They can use the digital wallet to credit their account and receive payment of winnings from the casino.
Card payments
Card payments are a relatively secure method of payment. The card payment ecosystem features lots of different rules, technologies, and systems that protect card users and merchants. Merchants can also incorporate MFA into the system to do this. You can make card payments online in a wide range of scenarios. Shopping is a common one, of course, and without the security features implemented, malicious actors who get hold of your payment cards can go to town on them.
Features to look for when paying online
One way to protect yourself when paying online is to look for features that suggest the payment will be safe. If a website doesn’t have some or all these features and you go ahead with the payment regardless, you can expose yourself to scammers, financial fraud, and identity fraud.
The official website
Some criminals send messages known as ‘phishing’ messages that look as if they come from a particular business or institution. They also mimic businesses’ websites. When visiting a website where you need to make a payment, check the URL is the business’s official URL.
An ‘s’ in the URL
If a website is secure, you’ll see the start of the URL begins with ‘https://’ instead of ‘http://’. The ‘s’ indicates a secure connection. You should also check there are no strange characters or misspellings in the URL, which could mean the site is unsafe.
CVV requirement
When you’re making a payment with a debit card, responsible websites ask you for a card verification value (CVV) number. This is the three-digit code on the back of the card. The merchant or payment processor requesting the number will receive a CVV response code that tells them whether the person who is making the payment has the card. The CVV is not embossed onto the card or the magnetic strip, so it’s not likely to be stolen in a data breach.
Multifactor authentication (MFA) or two-factor authentication (2FA)
MFA and 2FA are security protocols that verify the identity of users when they log in or pay online. This adds an extra layer of security. 2FA may ask you for an initial password and then request further information you have access to, such as a one-time password sent to your email or, in the form of a fingerprint scan or facial scan, biometric authentication. MFA is like 2FA but requires three factors or more. These could be a password, biometric data, a one-time password, or something else.
The ability to conduct business on the internet makes it easy to pay for goods and services. Although you may be using the internet legitimately, others are using it for nefarious purposes and looking to steal your financial information and misuse it to acquire goods and services. Businesses know this and will take steps to make sure their payment systems and websites are secure. Keep an eye open for the signs above, but remember: if in doubt, simply avoid making a payment on the site.
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