Is It Safe To Pay Bills Online Learn How To Do It Securely

Summary: This 3-minute article explores the security vulnerabilities in play when using online bill pay. Learn the most secure way to pay bills online. For further guidance regarding secure online bill paying, contact GEEKAID Computer and Network Support at https://www.geek-aid.com/. They offer a wide array of home and business IT solutions for your home and business computer systems.

The option to pay bills online has been around for decades. Bill-paying platforms offer many conveniences including paperless transactions. But as the remote work environment has expanded, so has the target landscape for cybercrime. Hackers work overtime to capitalize on cyber vulnerabilities, so it is imperative to have safeguards in place before performing financial transactions online. Financial and personal data are our most sensitive information and, therefore, require extra attention to cyber security issues.

What Is Online Bill Pay?

Online Bill Pay, also known as online banking, Internet banking, home banking and web banking, is defined by Wikipedia (https://en.wikipedia.org/wiki/Online_banking) as “an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution's website. The online banking system will typically connect to or be part of the core banking system operated by a bank to provide customers access to banking services in addition to or in place of traditional branch banking.” In addition to banks, merchants across many business categories have created platforms through which their invoices can be paid.

As the universe of online bill paying has grown, so has the variety of charges that can be paid. Mortgage payments, car loan payments, credit card bills, medical bills and utilities are a few examples. Generally, online bill paying involves electronic transfer of money from the user’s bank account to a merchant’s account or service provider.

Online bill pay is not without its drawbacks. For example, if you rely solely on online payments and forget your login credentials, someday you might find yourself locked out of your accounts until you can retrieve your credentials or contact your bank for help. Also, many banks charge a fee for online payments. But most importantly, there is always the possibility of getting hacked and having your private information stolen.

So, Is It Safe To Pay Bills Online?

Financial institutions have been in step with data encryption technology to protect their customer data for a long time. Encrypted data is difficult, if not impossible, for cybercriminals to read. In addition, robust encryption will hide all activities done on a financial platform. Furthermore, users can take some simple precautionary steps to protect private financial info and defend against cyberattacks when using online bill-paying platforms.

The Most Secure Way To Pay Bills Online

• Check the Authenticity of the Domain – To avoid scams, it is crucial to check the authenticity of a platform’s domain. This caution also applies to bill-related emails from “alleged” banks or merchants. Always examine the spelling of the domain name on emails. Many users have been fooled by domain names with similar yet incorrect spellings. For example, one might not notice the subtle difference between John@gmail.com and John@qmail.com.
• Ensure the Website Uses Encryption – Encryption of your data is mandatory. If you aren’t sure whether a website is encrypted, don’t use it!
• Never Use Public WiFi For Financial Activities – Public WiFi is not secure. Hackers are often connected to public WiFi, waiting to hack those using it. Therefore, unless you use a Virtual Private Network (VPN), you should never conduct financial work on an unsecured connection.
• Ignore and Delete Suspicious Collection Emails – If anything looks unfamiliar or suspicious about an email claiming to be a legitimate bill collector, do not reply. Instead, call the merchant company directly to enquire about your bill.
• Think Before You Click – Never click on links embedded in or attached to an email without ensuring the email isn’t a scam.
• Use Platforms That Require Multifactor Authentication – Multifactor Authentication requires at least two ways of confirming online credentials. Using email or SMS to send messages containing security codes is a second layer of cyber security to verify your identity. Multifactor Authentication makes it much harder for your data to be breached by cyber thieves.
• Keep Device Software Up To Date – Software updates often contain critical security patches to fix cyber vulnerabilities. Therefore, keeping your system software and all applications updated is vital.
• Use a Credit Card Instead of a Debit Card – If you use a credit card (or direct transfer from your bank) instead of a debit card, you will have an easier time disputing any erroneous charges.

To summarize, weighing the risks of online bill pay against the benefits, we conclude that online bill paying is as safe as mailing a paper check via the postal service. It’s also more convenient. However, you should spend a little time reviewing and implementing the best practices listed above to protect yourself when paying bills online. By doing so, you will become part of your own IT maintenance and cyber security team, thus reducing the chances of a breach of your financial and other private data. As cyber security evolves in tandem with the ever-changing cyberattack target landscape, users must keep up with changing security protocols and never become complacent about cyber protection.