In recent time, I have been laying more emphasis on how you can secure online transactions. Some of us are just careless with our credit and debit cards. This has made us become a victim of online attacks. This just has to change. In this article, I want to show us five other ways of securing your card transactions just by using other methods of payments.
#1 Store Value Cards
Store Value Cards are plastic cards with a monetary value encoded in the magnetic strip. Just like your ATM Card that is linked to your bank account.
This type of cards are an effective replacement for cash and can be used for low retail purchase online. They are secured for online transactions.
This type of card is not associated with the name of the user, hence they do not reveal any information about the customer using them. If you lost this card, you only lose the amount that you have saved on the card.
#2 Smart Cards Option
Smart cards have the same size as credit cards.
They have a microprocessor in them. This differentiates them from credit cards that make use of magnetic stripes.
The dates on the microprocessor can be read, deleted or changed. This help in securing online transactions.
Smart cards can also be used with a smart card reader attached to a computer to verify the identity of a user. This is just like the card used in voting in Nigeria elections.
#3 Digital cash
This is a method of purchasing cash credits with small amounts.
Here, credit cards can be stored in your computers which can now be used when you are making transactions online.
It also allows the consumer to buy credits from financial institutions around the world.
When the user orders a product the order can be easily completed by using a wallet.
This helps in preventing the theft of personal information.
By default, most of the electronic wallet software request users to enter a password before completing the form.
#4 Online payment services
Third party payment services can be used to make online payments to avoid giving away card information to online merchants directly.
When using an online payment platform, the user should transfer money to an account associated with the online payment service.
All purchases and transactions can now be carried out through this online account. This way you do not have to reveal credit card information or other personal details to merchants.
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