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All about Electronic Payment

Many times we are coming across the term online payment and the fraud associated with it. So what is this Online Payment Fraud and how can we prevent them? Online security and fraud prevention is a debatable issue nowadays. It is very significant to know whether a website is secure or insecure before dealing with it.

That is the core reason for all the financial institutions putting disclaimers declaring they never ask for the password or OTP. You should not reveal your personal information to anyone for your data security reasons. With the increase in technology now in the digital age people encounter with several types of online payment fraud.

Fraud Issues:

Let’s discuss the common frauds associated with payment gateways. Phishing or spoofing, chargeback or friendly fraud and data theft are some of the common types of online fraud.

  • Online Phishing or Spoofing:

It is a technique of accessing someone’s personal information. In Phishing are sent to get the individual data. Spoofing is done with an intention to get credit card numbers, usernames, bank account numbers or passwords of an individual. Here an SMS, email or instant message sent to the persons intending them to update their personal information trick fully.

  • Data Theft:

As the name depicts Data Theft are frauds of stealing data by the dishonest employees for their personal benefits. It also includes credit card data steal and all. Well, reputed websites take necessary measures to put a check on that. They follow many techniques in their organization like encryption and tokenization to keep their employees’ data secure.

  • Chargeback Fraud or Friendly Fraud:

This is a kind of fraud where a customer will fully makes an online purchase but later ask for a return or chargeback from the bank stating it a fraudulent purchase. This is a kind of friendly fraud cause hassle for any business later.

Consumer’s expectation about online payment

Now in the digital age, people are more comfortable with technology and online payment rather than doing cash transactions. Nobody wants to carry hard cash. Often it puts you in dangerous consequences. The invention of Electronic payment made it easy to move cashless. Now you can purchase goods and services of your requirement from any online company of your choice.

People find it easy to use mobile phones, credit cards, and the internet for their purchase. It saves people valuable time by not standing on a long tiring queue for paying bills. On the other hand, it is also useful for business owners as it reduces their transaction costs and enhances sales.

E-payment has changed the way of shopping for users. It increases the Speed and Convenience for both the parties. Customers can make payment at any time whether day or night, right from the comfort of their home. The best thing is that E-payment eliminates the security risks associated with handling cash money. Log on to HPS Worldwide to know more about electronics payment options. 

Confidence in electronics purchases

The best way to increase customer confidence in electronics purchases is to help your customers solve their problems. Do not force them to but a product rather it is important to guide them in taking the best decision. The most important thing is to Backup your advice with reviews. People can make an informed decision based on the review of the users of the product.

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Posted by on May 29 2019. Filed under Personal Finance. You can follow any responses to this entry through the RSS 2.0. Responses are currently closed, but you can trackback from your own site.

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