Online Payments Are Convenient…But Come with Risks

More and more these days, people pay online for the things they need, from groceries to clothing to utilities. Using various forms of online payment, like credit cards and payment processors, makes this type of commerce ultra-easy, and it also lets you send money to family or donate to charities. However, it also introduces more risk to your transactions, and fraudsters are taking advantage of this.

Personal online payment fraud insurance was created to protect individuals from this type of crime, which is on the rise domestically and internationally. Many businesses have similar insurance as part of their cyber protection, but individuals should seriously consider it as well.

How Online Payment Fraud Typically Works

There are many forms of online payment fraud. Law enforcement agencies in the US are challenged to keep up with scams because it seems like there’s a new one every week. Some of the most common types of fraud include:

• Identity theft, via hacking, data breaches, or small-time crooks stealing personal and financial information from receipts and phone conversations
• Email phishing from sources that look legitimate but aren’t, including government agencies like the IRS or public assistance programs
• Advanced fee scams that request money up front for fraudulent reasons
• Merchant identity fraud where scammers make people think they are dealing with a legitimate entity
• Pagejacking, which is hijacking traffic from legitimate websites
• Cyber extortion or demanding ransom with a personal computer attack

Stay Protected from Online Payment Fraud with Personal Cyber Coverage

For most folks, losing large sums of money to online fraud is devastating. Once someone has your bank account or other financial information, they may even continue to take money from you. It’s often not a one-and-done scenario.

You can protect yourself and vulnerable members of your household — seniors, kids, and those with developmental disabilities — with a personal cyber insurance plan. It’s essential in today’s world to recoup lost funds if you make payments online.

Our independent agents can help you choose the coverage that’s right for you. And we always provide personalized service, unlike big, impersonal insurance companies.

To learn how online payment fraud insurance can protect you, call Davidson & Associates Insurance at 360-514-9550 today. You can get a policy online today in just a few minutes here.