No one wants to discover unauthorised transactions on their bank account but the explosion of e-commerce, online games, and downloadable or streamed entertainment has led to an increase in online fraud and money laundering.
Customers can get impatient when they have to answer a multitude of questions about themselves and supply documentation to prove they are who they claim to be. This is to try to stop as much online fraud as possible but making it too difficult to make an online payment can put off prospective customers. A balance needs to be found that will ensure as much security as possible, without sending them off to another site that might be easier to use, even if it is less secure.
Security to keep your money safe
There are some websites that offer several options for secure payment, regardless of industry. Large online retailers such as Amazon and Apple all accept a multiple of payment methods, as do more traditional retailers, such as Argos. The added convenience of using your preferred payment method can make or break a sale, and even companies in the service and entertainment industries are offering more options all the time, such as the online casino, CasinoEuro, which offers several methods, as does Netflix. Included in the former’s options are Visa, Mastercard, PayPal, Skrill, Neteller, and Paysafe, all of which have their own security measure in place every time you make a payment online. This ensures you can play or watch on your chosen site using your preferred payment method, providing you with additional peace of mind.
Offering a range of payments has become such a critical consideration that even cryptocurrencies like Bitcoin are becoming more commonly accepted, with Expedia and Microsoft both now accepting Bitcoin as a valid payment method. Businesses that are security-conscious thrive, as they build a reputation as a trustworthy provider. Failure to stay secure can mean sites lose creditability and, once this happens, it’s hard to regain a person’s trust.
If you have ever used a Visa card for payments you may have come across Verified by VISA, an extra security measure used to ensure your card details have not been compromised. Mastercard has SecureCode as an extra layer of security and PayPal considers their payment method of paying with an email and password to be safer than using a debit or credit card. Skrill uses a similar method and they believe in its safety because your card details are not used anywhere, and any information that is forwarded to a supplier is encrypted.
The PCI Security Standards Council constantly works to monitor threats, deal with them as they arise, and improve the security of online payments. As a global body, it evolves and promotes the Payment Card Industry Security Standards, and provides critical tools for implementation. Mastercard and Visa are two of the five founding members, the other three being American Express, Discover Financial Services, and JCB International.
Check the site you are using offers secure payments
Before you buy anything or deposit any money with any online service, you need to check the payment methods that they are offering are secure, so you know your bank account is safe. The sites that offer the most secure payment methods tend to be the ones that survive and thrive in the security conscious world we live in. Whether they are genuinely concerned about their customers, their reputation, or on a mission to stop online fraud, it shows users they are making a real effort to ensure their details and funds remain secure.
By Anthony Hodges