Payment Instrument Trends: How Does Your Household Stack Up Against the Fed Survey?

Woodrow Wilson established the Federal Reserve Bank (the Fed) in 1913 when he signed the Federal Reserve Act. The Fed conducts ...

Compliant Cash Discount Programs and Surcharge Programs

by Ellen Cunningham

November 22, 2019

These days, it seems like credit card processors that offer cash discount programs are popping up left and right. What’s ...

McDonald’s Self-Order Kiosks Need A Cash Upgrade

by Raymond Pucci

November 14, 2019

Self-service kiosks are being installed at more Quick Service Restaurants (QSRs) catering to hungry, in-a-hurry customers not wanting to stand ...

Self-Service in the Branch and as the Branch

by Juergen Kisters

November 4, 2019

The financial industry has witnessed major changes in the way people connect with their financial lives. Four out of five ...

Optimizing Cash with Recycling Technology

US Small Businesses Don’t Know Whether Cash Use Is up or Down

by PaymentsJournal

November 1, 2019

Don’t miss another episode of Truth In Data! Click on the red bell in the lower-left corner of your screen ...

What Percent of Small Businesses Accept Cash?

by PaymentsJournal

October 29, 2019

Don’t miss another episode of Truth In Data! Click on the red bell in the lower-left corner of your screen ...

Global non-cash transactions will grow by 14% in the period 2017-2022 with the US leading the top ten markets for non-cash payments. Although cash is still the predominant form of transaction payment, the long term sees online payments taking over. This means that money management is going to take place online as more people conduct their business electronically. Given this shift in consumption patterns, the question remains whether online payments and transactions are safe and if online money management is secure. Security of Virtual Payments and Transactions Electronic payments are convenient and fast. Unfortunately, digital transactions are also vulnerable to cybercriminals with 1 in 15 people a victim of identity theft. Stats indicate that there is a new victim of identity theft every 2 seconds. Credit card fraud is a common form of identity theft. When a person gets hold of your card and details, they can make purchases online or offline making it essential to know what to do when data is breached. Not doing anything can create havoc on your finances and even your credit score. There are several ways as well to enhance online security and ensure that your electronic transactions are protected. Operating on a secure internet connection, updating your anti-malware or anti-virus program, putting up a firewall, and using strong passwords are some things that you can do to prevent theft and fraud. Visiting only secure websites is a must as well as checking that sites have several levels of data encryption to guarantee that your details are not revealed while your information travels across the worldwide web. Managing Finances Online Through Apps and Software An advantage offered by non-cash transactions is the ability to manage your finances online. There are several apps and widgets that you can download to use on computers and mobile devices. Online financial software and apps are easy to use, secure, and do not require backups. Software updates are also automatic ensuring that you’re using an up-to-date technology. However, to make sure that the software is safe, it is your responsibility to check its reliability, level of data encryption, privacy statement, and data backup policy. It’s also a good idea to verify if there is an active tech support in cases of problems or glitches. Only then can you safeguard your financial data. Online transactions are likely to increase in the future and at some point, will replace cash payments completely. Understanding that it is essential to control and secure your financial information decreases the chances for fraud and data breach.

Online Money Management Tools: How Safe Are They?

by Cassie Warrington

October 28, 2019

Global non-cash transactions will grow by 14% in the period 2017-2022 with the US leading the top ten markets for non-cash ...

Cash Is King. Cash Is Dead. There’s a War on Cash.

by Pete Reville

October 15, 2019

These are all popular axioms we hear in the payments world. Depending on who you talk to, all of these ...

Cash and Digital Payment Methods Can Coexist

by PaymentsJournal

September 30, 2019

There is no doubt that technological innovations have changed the payments landscape. Digital payment options have shifted how we pay ...

What Percentage of Small Business Owners Express Concern over Cash Flow?

by PaymentsJournal

September 27, 2019

Don’t miss another episode of Truth In Data! Click on the red bell in the lower-left corner of your screen ...

Tag: Cash