The COVID-19 pandemic has kickstarted an explosion in e-commerce. In 2021, total sales reached $469 billion. It makes sense. After all, you may prefer online payments, staying indoors, and having anything you need one phone call away. It’s fast, convenient, and safer for your health. That said, is the online payment method you choose completely safe?
Today, many people prefer to use PayPal or credit cards to purchase items online. Many sites are also offering Apple Pay and Bitcoin as online payment methods. As with all other things on the internet, you may still encounter some risks that put a damper on your online purchases.
Let’s take a look at these risks, then we’ll discuss the safest payment methods and how they help you avoid those dangers.
Online Payment Risks
Online shopping is certainly convenient, but you can’t always trust its safety. First, you don’t see the product you want to buy and that brings with it scam risks. You also don’t know who’s handling your transaction. That’s not all; online payment methods pose several risks to your privacy and online security. Let’s take a look at 5 risks you face when making online payments:
1. User Errors
This isn’t necessarily a third-party error. You might send money to the wrong account, which, in turn, could cause a problem. You may not always retrieve your money, so you may lose funds.
Fraudsters and cybercriminals make fraudulent websites and phishing sites look legitimate. When you enter…