How Safe Are Credit Card Payments On Your Phone

Published April 28, 2021 by WC Team

How Safe Are Credit Card Payments On Your Phone

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Most people today don’t even remember when they last used cash to pay for something. Card payments have long overtaken all traditional methods of payment. As we rarely ever go anywhere without our phones, there is even a bigger rise in payments using mobile phones. 

While the convenience of paying through your phone has been highlighted as a popular aspect, another hot topic that surrounds it is that of cybersecurity. The regular breaches and vulnerability of mobile devices have been making headlines. Paying using your phone involves entering your credit card information and keeping it stored there, which understandably brings in a lot of questions regarding its security. Using your phone to make payments is safer than swiping your card. Most plastic payment cards do not have identified security chips that prevent skimming. 

A credit card skimming device stores all the information of the cardholder. This can be rather easily stolen by cybercriminals. Not all retailers have the security chips to prevent this type of skimming and this increases your security risk when you use the card directly for purchase. For preventing such incidents, using your phone to make payments through your credit card is safer. 

How Receiving Credit Card Payments Are Made Safer Through Your Phone

Making payments using your phone has the benefit of convenience as we all carry it with ourselves everywhere we go. You can add more than one credit card to your phone and use multiple ones at the same time. Also, these transactions are comparatively faster. You can easily use it for online purchases on the go. Mobile credit card transactions have payments made over the phone or by visiting a physical location, a method of the past. 

Almost all businesses are accepting credit card payments via the internet or other points of sale. The latest trend added to accepting credit cards is through the phone. If you are a business owner, you are probably questioning yourself as to “how to accept credit card payments on my phone and still make sure it’s secure?”. You can use a mobile payment processor to create a merchant account which will provide a safe wireless way to receive credit card payments. This is compatible with smartphones and tablets too. It comes with a card reader that can be plugged into a mobile device. Rest assured that, with encryption keys, this payment will provide a safer and faster means to achieve credit card payments.

App makers are continuously updating their safety policies to keep user information safe. If you use your phone to make credit card payments, it automatically updates the new and improved security policy. This is not easily done when you use a traditional plastic card as the only way to update the security is to place an order for a new card. 

Necessary Precaution From Your Side While Sending Credit Card Payment Via Your Phone

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To make sure you are not susceptible to any fraud while using this method to make your payments, you need to keep a few points in mind. Credit card transactions are very vulnerable to fraud. When you are making a transaction from your phone, you will need to add sensitive information like your name, card number, CVV number, and card expiration date, as opposed to swiping it at a physical location. To make sure you are giving it to a legit merchant and not to a fraudster you must practice extra precaution. Do not pay on any website that doesn’t appear legit or doesn’t have the necessary online license. 

In case you are a victim of cyber fraud regardless of whether the transaction was done over the phone or in person, one key point to note is that you will be better protected when you use your credit card as opposed to using your debit card. This is due to the federal law that limits the consumer’s liability in case of credit card fraud. You should immediately report the fraud to the authorities who have issued you the card and can then freeze the credit card. This will prevent the fraudsters from taking any money and you can get a new one. 

Another way to save yourself when using your phone to make a payment with your credit card is to call the merchant you want to buy services with. Never make a payment to someone who calls you randomly offering a product or service. Confirm that the vendor location is real. 

Check the charges properly before processing the payment. Review your statements to check if any fraudulent or suspicious activity has taken place. You can add additional security settings to make the payments more secure. A little extra precaution goes a long way in keeping your finances protected and secure. 

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