From credit cards to PayPal: comparing the security of online payment methods | New
In a world where convenience seems to be valued more than ever, it’s safe to say that online shopping has become the norm. After all, why spend time traveling somewhere to buy products when they can be delivered? Americans spent nearly $250 billion on e-commerce in the first quarter of 2022, according to preliminary data from the US Department of Commerce. This is an increase of 6.6% compared to the same period the previous year.
According to the US Census Bureau, online sales have surged during the COVID-19 pandemic due to lockdowns and other factors, and this trend will continue as more businesses improve their shopping offers on line.
Although online shopping presents itself as a safe and contactless option, it does come with risks. In 2021, Americans lost at least $392 million to online shopping fraud, according to the latest data from the Federal Trade Commission. This was the second most common type of fraud after scams by imposters. Staying diligent, especially when it comes to billing and payment methods, is crucial.
When you checkout an online store, there are usually multiple payment options. It is important to educate yourself on these to determine which is the safest. Wicked Reports reviewed consumer protection laws and other security measures to determine the security of popular e-commerce payment methods and compare the risks.