With technological advancements, the number of online transaction methods has increased. This means online transactions have also increased, giving cybercriminals new opportunities. Hence, online payment gateways need to provide the highest level of security to ensure customer data is safe.
This high-security level during transactions is done with complete encryption and adding various levels to prevent fraud.
Most Secure Online Payment Methods
1. Credit Card:
A credit card is one of the best choices for online transactions and is widely used by shoppers online. It is not just convenient but also secure in nature.
The money is not deducted from your bank account when transacting using a credit card. Instead, the card issuer pays for the goods. Hence, you can notify the card issuer to prevent fraud if there is any suspicious activity. This ensures you do not lose money from your account.
2. eChecks:
eCheck is nothing but a digital version of a paper check and is also known as an electronic check, direct debit, or internet check. This uses Automated Clearing House (ACH) to directly debit the amount from the customer’s checking account to the merchant’s account. It uses a payment processor for the process of money transfer. The most significant advantage is that eCheck uses ACH for funds transfer instead of card networks, hence lower processing fees.
It is beneficial to use eCheck over cards for this reason. Many gaming and gambling sites offer this as a payment method. Check out the eCheck online casino list provided by CasinoUSA for more details.
3. Debit Card:
Another secure transaction option is via debit cards, where funds are directly debited from your bank account. With a debit card, you do not have to worry about debts as when you transact through a credit card. Debit cards also come with a “zero liability” protection, which makes them safe. They offer 24-hour fraud monitoring making it more secure. This means any suspicious activity is identified and reported immediately. Using a One-Time Password (OTP) while using debit cards also adds a layer of security.
4. Third-Party Payment:
Third-Party Payment services like PayPal have been around for decades and have gained popularity worldwide as a safe payment option online. Not less important role plays, SWIFT code finder which helps identify banks so the money is withdrawn and deposited in the right place. Other services are Skrill, Neteller, and Payoneer, among others. In a third-party transaction, the user does not share any private information, which makes it secure. Once payment is made on one end, the other party receives it within a short time.
How is Online Payment Security Provided?
There are several factors involved that can keep your payment secure, which we have mentioned below.
1. SSL protocol:
The first security step on any website is ensuring the SSL protocol is implemented. This helps encrypt information from the site, such as payments related to the credit card or debit cards that customers share during the checkout process that is the sensitive data.
Any safe site has a padlock icon visible in the URL bar just before the web address begins. This padlock icon should be followed by HTTPS, which tells customers that the website is safe to use. Any site which does not have a valid SSL certificate should be a sign of alarm and refrain from sharing any personal information on that site.
2. PCI compliance:
PCI is a set of regulations created by major card brands and requires any merchant to comply with the general security requirements mentioned. Any merchant who wishes to use a credit card as a mode of transaction on their site should be PCI compliant.
3. 3D Secure:
3D secure or Three Domain Secure authentication can be found on several sites that add an additional security layer for transactions online. Here, the system will redirect you to a page that requests biometrics or tokens such as a pin to authenticate the cardholder’s information. This can reduce the number of fraudulent attempts. The liability of the 3D secure transaction is shifted from the merchant to the issuing bank.
4. Tokenization:
Tokenization is a technology to improve payment security so that customers can make payments through a portal without any vulnerabilities. This process uses random strings of characters known as tokens to replace sensitive information like the credit card number. Hence, the chances of a data breach are reduced.
5. Address Verification Service:
An AVS is a security measure that prevents fraudulent transactions of credit and debit cards. This tool is used to verify if the cardholder’s address matches the card’s associated address. This process is used to authorize the card, per the merchant’s request. The credit card processor sends a response code to the merchant, who now knows whether to accept the transaction or not.
Sometimes, you can misspell the address, which might cause rejection. You should also note that AVS does not offer complete data security as a standalone and needs to be combined with other anti-fraud tools.
The Bottom Line
Though online transactions on any site, such as gaming, shopping, and gambling, can be securely done as several levels of security are involved, you need to be careful with the information you share online. When making online transactions, ensure the site is trustable and has the required SSL certificate. If you have any doubts, then refrain from sharing any information online on any site.
If you see any transaction alert for your card that you have not done, block the card immediately until you get the complete information to avoid further fraudulent transactions. Inform the card issuer immediately of any such frauds so that you are not liable for it.
