Ecommerce businesses have seen their revenues flourish in the last 12 months. The rise uptake of digital services and online shopping has outstripped projections and moved forward, reaching levels originally anticipated for a decade from now.
Many people have used online shopping services or subscribed to streaming sites for the very first time in the last year. These new online shoppers are often sceptical about the safety of shopping over the internet.
Technology has sought to meet these concerns head on. Non-traditional banks and third-party financial services are seeking to help regulate payments, providing their users with peace of mind when shopping online.
Luckily, there are many ways to keep your financial and personal details safe online. Which will make shopping online more enjoyable for many people.
Third party services
Big name third-part financial services such a PayPal have been around for over two decades and are highly skilled at protecting their user’s money and personal details. Accounts are free and they create a payment wall between your debit or credit card and where you are spending your money.
This also makes it easier to obtain refunds if online stores do not set you your items in good time.
Commonly used for travelling abroad, prepaid cards are a fantastic tool for keeping your money safe when shopping online. Prepaid cards have no back link to your personal current or savings accounts, adding a layer of protection between your money and what you spend.
Many financial service providers are now offering virtual prepaid cards. These can be loaded with precise amounts, so you do not overspend or risk losing money to fraud.
Increasingly, ecommerce businesses are accepting wire transfers for online transactions. In this scenario, merchants will provide buyers with account details which funds should be sent to. This way your money and details are protected by your bank and a transaction ID which you will usually have to share with the seller.
Banks have increased their security checks in recent years. Whether it be asking you to approve transactions via smartphone apps or texting you verification codes, your bank or building society will go the extra mile to ensure your debit card purchases aren’t fraudulent.
Malware checkers are now widely used by bank account providers too, to ensure customer details are not being stolen.