Anytime you access the internet to make a purchase, you always stand the risk of thieves who can steal all your private financial details. Once they are successfully able to do so, they can use your credit or debit card to shop things, pay them and obtain cash in a fraudulent manner. But now with the gaining momentum of online payment systems, it is very tough to ignore this kind of payment methods. There are few service providing sites like Pounds of Plastic that don’t have an option for their customers to buy their products online.
If you want to avoid being a victim of identity theft, you have to not only keep your device updated but also choose the right method of payment to avert issues. Here are few accepted payment methods that can save you from theft.
CREDIT CARDS
The credit card is one of the most excellent options for shopping online as protection against fraud is pretty strong and you can even reverse charges easily. Whenever there is an issue, you should report any kind of suspicious activity to the issuer of the credit card and inform them that you didn’t receive any goods that you already paid for. As you buy things with your credit card, the money doesn’t leave your bank account instantly.
Experts suggest that you should only use your credit card whenever you feel confident about its safety. If you wish to get better protection, ask the card issuer for a single-time use credit card number for the online commodities that you buy. Even if the virtual card number gets stolen, this won’t be much of an issue.
DEBIT CARDS
Debit cards are cheap payment cards that cash out money from the checking account. For that, you don’t require applying for it, getting approved, paying annual fees or rack up debt like you may have to with credit cards, if used recklessly. Debit card issuers offer 0-liability protections which is much unlike credit card protection. While there are companies like PAAY which make sure all your online payments are authenticated and secure, you still need to be careful about it.
The financial experts will always warn you about not using debit cards for all sorts of regular purchases unless you’re extremely careful and punctual about your checking account. You also need to have enough cash as a cushion in order to make sure there’s enough money in your account. In case you can’t use a payment service or a credit card, such a prepaid card is best for insulating the checking account from any financial issues.
Using multiple credit cards or debit cards and showing them off among your peers is not a big deal. In order to lead a life sans debt, you have to become a financially responsible individual. And in case you wish to redefine what you call ‘rich’, you may check out RebeccaMountain.ca for more details. Make sure you use your cards responsibly so that you don’t dig deep into high interest debt.
