Pros and Cons of Online TransactionsWe’ve all been there! We made an online transaction on a website for the first time and the next thing we know, we have become victims of identify theft. It happens! According to recent studies, this type of fraud has cost consumers over $200 million dollars a year. With more than 70% of consumers shopping online, the incidence of credit card fraud has become a pandemic in our society. Thus, turning to other forms of payment for online transactions have come into play. But they, too, have their own pros and cons.
- The use of e-payment services is one way to ensure a safe and secure online transaction. One of the most popular e-payment services online today is PayPal. Using this method, you are giving personal information to only one e-payment service, and you’re your private information is not shared with third parties.
- Debit Cards are a more secure method for making online transactions as the debit card is linked directly to a checking or savings account and a specific amount is attached to the debit card by the user.
- Prepaid Gift Cards are perhaps the best method of making online transactions, especially at online casinos. These one-time reloadable cards provide the safety and security to make such a transaction and more online casinos are providing this service, especially to US players who have run out of viable alternatives.
- Using PayPal for online transactions, while safe and secure, incurs several fees for each transaction made.
- Debit Cards, although seemingly safe, do not have the same protection. If the debit card is stolen, your bank account linked to the debit card could be targeted and the savings can be depleted.
- Credit Cards are the #1 method of choice used for online transactions. But given the rise in identity theft, especially on websites that do not provide guaranteed protection you are taking a chance with every transaction you make. In addition, every time you use a credit card at an online merchant, you are providing them with personal information that can be fraudulently used at a later time.