Home Finance Financial Security: 5 of the Most Secure Payment Methods

Financial Security: 5 of the Most Secure Payment Methods

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Financial Security

Every year, millions of Americans are the victims of identity theft. Frequently, identity thieves gain access to a person’s credit or debit card accounts and rack up fraudulent charges.

The best way to protect yourself from debit card fraud is to use a more secure payment method. Credit and debit cards can be stolen or cloned; by using safer payment methods, you can avoid these issues.

Your first step toward better financial security is to educate yourself about the different payment methods available. Keep reading to learn about five secure ways you can make payments in person or online.

  1. Cash

If you’re paying in person–say, at a grocery store or restaurant–old-fashioned paper currency is the most secure payment option you’ve got. Dollar bills can’t be hacked and they don’t link to your bank account.

That said, there are several drawbacks to paying with cash. It can be lost or stolen, with no easy way to recover it (though the same could be true for debit cards). More importantly, you can’t use cash for online payments.

  1. Gift Cards

Prepaid gift cards offer the same flexibility as regular debit cards, but with less overall risk. They have a preset amount of money available and they aren’t tied directly to your bank account.

As a result, a stolen gift card is much less damaging to your finances than a stolen debit card. The thief will only get access to the amount left on the card, so they can’t start accumulating debt in your name.

  1. Virtual Debit Cards

Virtual debit cards are perhaps the most secure payment method on this list. They function like a physical card (complete with a card number and expiration date), but they’re entirely digital–there’s no actual card to lose.

Virtual debit cards allow you to set your own spending limit; you can cancel them at any time, too. Click here to read more about the advantages that virtual debit cards can offer.

  1. Payment Apps

One of the simplest ways to make a payment is to use a payment app. PayPal and Venmo are two of the most popular apps; many online retailers even have PayPal integration on their purchase pages.

PayPal and apps like it are easy to use and highly secure; if you do encounter fraud, you can file a claim with the app developer to get your money back. As a result, many people consider this to be the best payment method for online purchases.

  1. Mobile Payments

If you have an iPhone, odds are good that you have access to Apple Pay. Depending on what kind of cell phone you have, you might have Google Pay or Samsung Pay instead–they all do the same thing.

These mobile payment services allow you to store a credit or debit card in your digital wallet.

To authorize a payment, you’ll need to enter your phone’s passcode or use some other form of personal ID. This extra level of authentication makes the process very secure.

Secure Payment for Every Purchase

Making a secure payment not only protects your bank account but also grants you peace of mind. You can find secure payment methods in any situation, whether you’re shopping online or paying for dinner at a local restaurant.

One payment option that has become more popular in recent years is cryptocurrency. Visit our cryptocurrency blog to find articles and information about the latest developments in this exciting new area of finance!

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