By Stephen Green
on December 5, 2023
Read in 1 min

Credit Cards Are More Secure

It's the holidays, and that means it is time for credit card fraudsters to target consumers. Online shopping makes things easy for scammers. Once you click on the wrong link or visit an incorrect website, your personal information could be stolen. 

The average American consumer will spend about $1K on gifts for friends or family this year, with at least a part of that money being spent online. Still, even those who prefer shopping in person are not 100% safe from scammers. 

The safest payment method to use when making purchases online is credit cards due to consumer protection rules. It’s more difficult with debit cards, and there's no way for shoppers to get their money back if fraud occurs. 

Opt For E-Wallets and Digital Cards

One extra layer of protection online is a virtual card number. These one-time, unique, and randomly generated numbers are linked to your credit card account so shoppers can feel more secure when shopping on their phone or computer.

Another way to enhance security is to use mobile wallets like Google Pay, Apple Pay, or PayPal. These digital wallets provide a safe way to store credit card information as they assign specific tokens for each transaction instead of using your account number. 

Be Careful With Buy-Now Pay-Later Systems

In BNPL systems, consumers can make payments in interest-free installments, which is convenient for large purchases. However, they lack protections present in credit cards, especially if your purchase ends up having defects or if fraud happened. Let alone the fact that the fees for late-payments can be super-high. 

In the hustle and bustle of holiday shopping, consumers need to be mindful that there are fraudsters out looking for their next victim on social media. Of course, the deals there are nice, but aren’t some of them too good to be true? It’s better to double-check and stay alert — you can't be too careful when shopping for your loved ones. 

This is not legal, financial, or professional advice. Please consult a legal, financial, or professional advisor for your specific situation.