When paying for services online, you should keep in mind the security and confidentiality of personal data. With careless handling, these card and bank account data can get into scams, which can lead to loss of funds. How safe are electronic bank transfers? Stick around and discover!

How electronic money transfers work

It is not always convenient to keep or transfer funds with a card – there are some reasons for this. For example, there may be a high commission for transferring money to another bank’s card. In this case, you should create an electronic wallet.

How to choose the best option (if for example, you search for “money transfer Belgium”), replenish the account and withdraw money – this is what we will now understand.

The advantages of electronic money transfers include:

  • Easy registration. It takes place online in a few steps with clear instructions.
  • Prevalence of electronic payment system: goods and services are available for purchase without leaving home.
  • Free e-wallet service (unlike many bank cards).
  • Ability to instant payment, transfers and withdrawals. Small delays may occur when an intermediary is involved.
  • Ability to exchange currency at the rate of the payment system.
  • The validity of the virtual card is limited, but the registration of a new one will take only a few minutes online.

To send funds to your loved ones, you only need to register within a verified website, choose the recipient, country of destination, currency and – voila! – the transaction is done.

Are electronic money transfers safe?

You can deem a service completely safe, if it has:

  1. PCI DSS is one of the most serious security standards for payment providers in the world. To obtain a PCI DSS certificate, a service undergoes an annual independent QSA audit and ASV scan every three months.
  2. PSD2 compliance. PSD2 is a directive that regulates payment services in the EU. It aims to improve security, reduce fraud and empower consumers. Thanks to compliance with this rule, you can accept payments from Europe, knowing that during any of the transactions there are strictly authenticated users. That is, your transactions will comply with all legal requirements.
  3. Remember how when paying for online services or goods on the site, the system asked you to enter the password from the messages to verify the card details. This is 3DS technology.
  4. Mastercard SecureCode. Mastercard’s SecureCode technology allows you to be sure that the payment is made directly by the cardholder. Everything works simply: when a person makes a purchase online, the cardholder receives a one-time password on his mobile phone. Payment can only be made after entering the code on a special secure page.
  5. Visa Secure. The original security technology used by the Visa payment system is designed specifically to pay for goods and services online. This security protocol adds auxiliary card user authentication. After entering the card data, the user will be redirected to a secure page to enter a password that only he and the issuing bank know. The password can be permanent or one-time.

How to protect yourself from the theft of electronic transfers

Take care of the confidentiality of passwords 

Passwords must be written down so as not to be forgotten, but it is recommended to keep them in a separate place from a laptop. Alternatively, save the encrypted data in an e-mail message, and make sure that the passwords of the accounts linked to the card are as complex and unpredictable as possible.

Make payments only from personal devices

Pay for online services only from personal devices.

Passwords and data on third-party devices may be saved and attackers will be able to use your account.

Silence personal information

Payment systems and online stores do not need TIN and date of birth to pay.

Personal information complete with card data – a find for fraudsters. Do not report such information under any circumstances. Check all transactions in the history of your banking or e-wallet. This way you can optimize costs and track all card transactions.

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