How to pay for purchases online
Online purchases usually work like this:
- The customer chooses goods or services.
- The online store calculates the amount to be paid.
- The customer agrees to pay for the purchase and enters their payment details into a form.
- The bank or payment system confirms the customer's identity and the availability of funds in their account or a sufficient credit limit.
- The store makes a sale. The bank or payment system transfers money from the customer's account to the store's account.
What data is required for payment
When paying online, you need to specify:
- Card number.
- Cardholder's name (not in all cases).
- Card expiration date: month and year.
- CVC/CVV code.
This data isn't stored on the seller's site but is sent to the payment system. The system authorizes the user and checks the funds on their account or the credit card limit.
How the bank protects payments
Most banks employ two-factor authentication using the 3-D Secure protocol. Before the transaction, the bank sends the customer an SMS or a push notification with a code. If you enter the wrong code, the transaction is stopped. Some bank cards have 3-D Secure enabled by default, but sometimes you may need to activate it yourself.
How to ensure online payment security
- Protect your internet connection and device
- To log into internet banking or pay online, use a reliable Wi-Fi, wired, or mobile internet connection. A free public Wi-Fi hotspot isn't safe.
- Make sure that the connection is secured: HTTPS protocol is used and a security icon (a closed lock) is displayed in the address bar. If you see a warning about a malicious website instead of the site's pages, stop the payment and close the page.
- Install an antivirus on your device.
- Protect your payments
- Only make purchases on trusted sites that support the 3-D Secure technology (payment confirmation with a code).
- Only install official internet banking apps. Don't download IPA and APK files from file sharing sites.
- Store your card details in trusted and reliable browsers, services, and apps.
- Don't register in online stores using social media accounts. Scammers collect personal information in social networks and often hack accounts.
- Check and protect your data
- Check the payment amount on the page where you enter your card details.
- In the payment form, only enter the necessary information (card number, holder's name, expiration date, and security code).
- Don't tell anyone the codes and passwords from notifications. Banks and other legal organizations will never ask you for a verification code or password — only scammers do that.
- Protect the money in the account
- Set up notifications about online banking transactions. This way, you can notice malicious actions and react in time.
- Don't link your main card to an online store. Get a separate card for online payments, set a transaction limit for it, and link it to stores.
What to do if money was taken without your knowledge
Contact your bank immediately: call the official number or use the chat in the app. Block the card or account. Within 24 hours, declare that the money was taken without your consent.