In recent years, cash payments have fallen out of favor with businesses and customers. The ongoing COVID-19 pandemic actively contributed to this trend. However, online and electronic payments were already increasingly fashionable before the global disease struck. Now, they seem to become a standard for many. However, as typical as they may seem, they still come with potential risks.
This article looks at the best tips for safe and fast money transfers. For instance, you should always be careful when withdrawing funds from an ATM. But with new electronic payment systems like Paxum, you won’t have to worry about that. Here’s how you can send money securely and quickly.
- Only Use a Secure Internet Connection
This first tip may seem like a no-brainer to many online buyers. However, you’ll be surprised to discover just how many people disregard having a secure internet connection before purchasing. Unfortunately, they find out the hard way that protecting their private information requires high vigilance.
You should never use a public Wi-Fi network to make an online payment. The same goes for using public PCs or unsecured networks. Furthermore, you should avoid buying stuff online from someone else’s computers or smartphones. Even if they belong to trustworthy people, they can have low protection against cybercriminals.
You can use these public networks or strangers’ devices in an emergency. However, make sure that their internet connections are secure and password-protected. Lastly, make sure to sign off from the applications you use as soon as you finish.
- Do Not Store Passwords or Account Credentials
Almost every browser offers you the option of saving your passwords for easier later use. You should always reject this option, regardless of how convenient it may seem. Of course, saving your cards and passwords in browsers and applications helps you make future purchases faster. However, if hackers break into those platforms, they will steal your data too.
The best storage for your password and account credentials is your brain. Memorize the details and never divulge them to anyone. Even writing those on a piece of paper could prove costly in the long run.
The good part is that you don’t have to remember every account detail or credit card number you have. Instead, you only need to establish and remember the answers to security questions that will help you recover your bank’s passwords or credit card account. Lastly, don’t forget to regularly change your password and security question answers.
- Use a Safe Electronic Payment System
Our last tip for safe and fast money transactions is to always use a secure e-payment system. Nowadays, the industry of electronic payment processors has developed far beyond anyone’s expectations. These systems employ high-security standards, such as SSL certificates, 2-Factor Authentication, and more, to help keep your accounts safe.
Moreover, electronic payment systems can perform most money transfers instantly and are almost tax-free. This means that you can quickly send funds nearly everywhere in the world without paying hefty transaction fees.