With instances of fraud at an all-time high, it’s no wonder that consumers are seeking ways to protect themselves. Banks and credit unions appear to be failing customers in that they’re not able to come up with real innovations that will keep their customers safe. Therefore, these users are going outside of the traditional methods and seeking new ways to protect their data.
The Dangers of Online Fraud
Online fraud is very real and it creates a massive dent in the UK economy each year. On a personal level, there’s nothing worse than logging into your bank account to find that it has been drained. Panic sets in, you try to think about all of the places you’ve used your card as you wait on hold with the bank. If you’ve been unlucky enough to have this happen to you, you’ll know exactly what we’re talking about.
It’s a real concern for users and many banks now suggest that you don’t store your payment information with any site. As you work to stop the transactions from taking place and order a new card, you’re left thinking ‘there must be another way’.
On the other side of the coin, this is equally as frustrating for the banks. Fraud costs UK institutions £190 billion each year, which is shared between the various companies that deal with this fraud. This is a massive outgoing for any branch of government or public company to own, but the fact of the matter is that much of the payments that we make are unsecured.
So what is the Answer?
Ok, so we’ve talked about the problem, but what’s the solution? The reason that a lot of online fraud happens is because there’s not enough layers of security to prevent it. This authentication takes a range of forms, from using your fingerprints to an assigned device. This kind of two factor authentication reduces the risk of fraud, but it’s still possible to manipulate.
Many people now turn to mobile phone payments, as they offer a more secure and controlled payment gateway. Of course, not all sites are able to accept these but the ones that do, like those listed on https://www.casinojuggler.com/casino-mobile-phone-payments/ are able to offer their users the additional security that they’re looking for.
This payment method works with two factor authentication. First, the user provides their phone carrier with their banking details, which they use to pay their monthly bill anyway. From there, they are able to add in more to their regular monthly bill by using it on certain sites. The user has to physically have the phone in order to do this.
The transaction is authenticated by the user responding to the text, therefore another person can’t use their credentials without the physical phone. This adds the additional layer of security that so many users are seeking.
It’s interesting to see that more users are opting to pay this way in recent years. It makes sense for them to be able to use a convenient and easy way to pay that doesn’t cost them any additional money or time. This kind of payment means that they’re not sharing their details with many third parties, but they’re stored within the existing system of their carrier.
Some of these alternative payment methods are costly, others are not as convenient, so it’s simple to see why users would plump for this method. With so many perks concerned with using it, we’re seeing more and more of these transactions made on a yearly basis.
What’s Next for Payment Methods?
As we continue on, payment methods are likely to change even further. There’s been a big move towards cryptocurrency, which has made this term much better known. This creates a knock on effect, in that more users that research it end up buying into it. This has created the boom in the market that we just keep hearing about!
One thing’s for sure, online fraud cannot continue to grow and be supported by the economy. With all of these different payment methods blossoming, there’s no excuse for users not to safeguard themselves. Paying via mobile is more convenient and secure, so we’re likely to see this sector thrive in future.