Online Payment Security from Credit Cards to PayPal

In a world where convenience seems to be valued more than ever, it’s safe to say that online shopping has become the norm. After all, why spend time commuting somewhere to purchase products when they can be delivered?

Although online shopping promotes itself to be a safe, no-contact option, it does pose risks. In 2021, Americans lost at least $392 million to online shopping fraud, according to the latest data from the Federal Trade Commission.

There are typically multiple payment options when proceeding to checkout from an online store. Educating yourself on these is important to determine which is the most secure. Wicked Reports examined consumer protection laws and other security measures to find how safe popular e-commerce payment methods are and how the risks compare.

Mobile wallets

Digital wallets provide two-factor authentication, encryption, and one-time-use PINs to keep payments safe. However, users should be sure to implement screen locks with strong passwords or biometric authentication on their phone.

PayPal is one of the most popular online payment systems around, and it follows specific measures to keep users secure. Security keys remain optional but are recommended, as they are a two-step authentication with a different PIN for each login.


Credit cards

While the EFTA protects debit card transactions, credit cards fall under the purview of the Fair Credit Billing Act. Also known as the Truth in Lending Act, the FCBA limits the liability for unauthorized credit card transactions at $50. It’s meant to protect consumers from poor practices of the credit industry.

Consumers using a debit card for an online payment should become familiar with the Electronic Fund Transfer Act, which protects consumers from unauthorized/incorrect electronic fund transfers, incorrect receipts, and/or any bookkeeping errors in such transactions

Debit cards

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