How Safe Is It to Use Payment Systems? 


It is now difficult to imagine Internet users who have not carried out financial transactions online. The situation is similar with commercial projects, for example, all reliable online stores offer customers ways to pay for purchases on the site, including using PayPal, Visa, Mastercard, etc. In both cases, electronic payment systems are used, which are characterized by fast transfer of money to the recipient’s details, as well as payment security. However, many users are concerned with the following questions: How to cancel a PayPal transfer? Is it safe to buy Bitcoin or Binance’s Binance coin with a Visa card? This article is devoted to the security of funds and data when using online payment services. 

What is an Electronic Payment System? 

An electronic payment system is a modern financial settlement system, which is represented by payment through Internet channels. This means that the traditional generation and processing of payment orders is no longer necessary. This meaning includes the following concepts: 

  1. Financial payments made through bank cards Visa, MasterCard, and other payment systems like PayPal. Even these international companies are not able to guarantee payers and recipients of funds the absence of troubles and fraudulent activities. Visa and Mastercard offer absolute protection for financial transactions. This does not guarantee the absence of unauthorized debits from payment instruments through the acquisition of a card number, as well as traffic interception. 
  1. Interbank settlements. They are carried out through electronic communication channels. An example would be quick transfers by phone number. 
  1. Financial transactions using virtual wallets, such as Skrill. 
  1. Transactions through the functions of mobile operators, as well as using other payment instruments. 

Why Is It Safe to Use Payment Systems? 

The security of electronic systems is represented by three important aspects: 

  1. Confidentiality. When carrying out financial transactions online, information about the buyer (last name, first name, as well as details of the payment instrument) must be protected from illegal possession by third parties. Access to this data remains exclusively with the payer, as well as with certain structures that have legal grounds for this. 
  1. Authorization. This factor allows the system to determine the presence of the required amount in the client account before performing the financial transfer procedure. This is an important point when paying for a product or service. 
  1. Authentication. This aspect is represented by the need to enter a PIN code or a special set of characters, which are randomly generated and sent to the payer to his phone number. The use of this technology allows the online seller and the client to verify that the payer is the same person as the bank card holder. 

Secure/Encrypted Internet Connections 

Nowadays, it is not enough to use the Secure Socket Layer data encryption protocol on trading platforms. This certificate does not guarantee the complete security of all financial transactions carried out on the site. For this reason, you should not unconditionally trust the presence of SSL on a resource as the only effective way to combat fraudulent activities. 

An exceptional set of technologies, which are represented by current international standards and certificates, allows parties to online transactions to talk about effective protection. The security of such Internet payments is ensured at a high level, which is an advantage for the payer and recipient of finance. 

Client Protection 

This aspect is important because it allows Internet users to receive a guarantee of the protection of personal data. Client protection is provided: 

  1. Correctly selected login and password to access your personal account opened on the trading platform. These parameters must be tested and checked for complexity. This approach to customer protection ensures that there is no risk of fraudsters illegally obtaining certain data. 
  1. Using the full combination of payment information. When making a payment, the buyer is required to enter a bank card number, as well as the holder’s first and last name, expiration date and security CVV code. The introduction of these parameters ensures that the online payment is carried out by the owner of the card account, and not by third parties. 

For the convenience of customers who prefer online shopping, virtual cards are presented. This is a copy of the main bank card that is used to make online payments. 

Technical Protection 

An online store or commercial online project must use all the latest technical protection tools. This is important for all sites whose activities involve entering payment and personal data of users. Technical protection of electronic payment systems includes: 

  • Linking the payment service to the user’s phone number, as well as a fixed IP address. 
  • Using the HTTPS/SSL or PCI DSS encryption protocol when the client gains access to the payment system. An effective data encryption certificate allows website owners to reduce the risk of fraud to zero. 
  • Integration and use of a virtual keyboard on the payment service to enter identification parameters. This tool helps effectively protect personal data from interception by third parties. 
  • Separation of two channels: formation and authorization of a financial transaction.  

In case of any suspicion of fraud or disputes with the seller regarding delivery times or quality of goods, PayPal, for example, provides a refund or cancellation of the transaction. When choosing a payment system, you can pay attention to these nuances. 


Every day, JPMorgan Chase, Citigroup and Aetna customers around the world make millions of dollars in online payments. Online stores and users who purchase goods or services on the site receive security and effective protection of personal data. If you want to learn more about the security of modern payment solutions, as well as current currency (dollars, euros, etc) exchange rates in Ukrainian financial institutions, we recommend using the Rates service. It is accessible around the clock to users from around the world – from Canada to China. 

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