In the digital age, electronic payments have become increasingly popular and convenient. There are different types of digital payments, the requirements to use them and the benefits they offer compared to cash are really worth taking into account. The cybersecurity challenges that companies face in relation to digital payments, including scams and reputational risks, are still important to take into account when choosing one or another type of payment.

For example, we have the best known credit and debit cards: Credit and debit cards are a common form of digital payment and allow transactions to be made online and in physical stores, offering convenience and security, but we always recommend that you Use virtual or prepaid cards. The reason is that there are hacks on entities of any type every day, and if users have used payment tools like the ones described above, these would be exposed on the Internet and within the reach of any cybercriminal who wanted to use them.

Digital wallets, such as Apple Pay and Google Pay, Bizum , allow you to store payment information on a mobile device and make payments without the need for a physical card, and these can be virtual or payment cards, so if you are stolen the device, it could be used to pay fraudulently but in any case the damage would be minor and cyber insurance covers greater operations on the Internet.

Electronic bank transfers allow you to send money from one bank account to another quickly and safely, but we will always recommend that the entities used do not use immediate transfers, since they only have ten seconds to check if the account holder account corresponds to the screen name, and sometimes scam or fraud situations can arise and these are more complicated to foresee.

 Cryptocurrencies, such as Bitcoin, Ether, Binance Coin, Thether, Monero, or Solana, are decentralized digital currencies that use blockchain technology, but there are many more on the market with different characteristics and use cases. It is important to research and understand each one before investing or using them.

How to make payments online?

It is important to understand that to make online payments we need to use electronic devices, such as a smartphone, a computer or a tablet, with Internet access.

 It is recommended to use a stable and secure Internet connection and to do this we will always use a paid VPN or a proxy. No connecting through public or shared WiFi, unless we have, for example, a secure hotspot.

What are the benefits over cash?

Digital payments allow transactions to be made quickly and easily, without the need to carry cash or checks, therefore they are often more convenient with new, fairly fast lifestyles.

 Digital payments offer higher levels of security than cash, in the sense of guaranteeing greater control over the underground economy, since transactions are recorded and can be traced in case of problems or criminal offenses.

 Digital payments allow transactions to be carried out anywhere in the world, eliminating geographical barriers and therefore also offer greater convenience in relation to tourist mobility or expatriate companies.

 The promotion of financial inclusion is no less important, and digital payments provide access to financial services to people who do not have access to traditional banks, no matter how simple it may seem to most of us.

This week, we read ‘Switzerland’s secretive Credit Suisse rescue rocks global finance’, the recent banking crisis in Switzerland, specifically the fall of Credit Suisse, has generated concern in global financial markets, it seems that the banking crises have much more depth than it seems have, from onBRANDING we do not rule out anything in the coming dates.

Are there risks when using digital payments?

Obviously there are situations such as online scams where companies and people are victims, such as in cases of phishing, vishing or smishing, where attackers try to obtain confidential information by posing as legitimate entities, and it should be noted that they are on the rise, it seems that training is not proportional to the increase in said activities.

 Companies, public entities and public figures may face reputational risks if their digital payment systems are compromised and their customers’ or their own data is compromised.

 Payment data stored by companies is subject to theft, and it is not anecdotal because it happens daily, resulting in financial loss and damage to the company’s reputation. onBRANDING publishes a study every month on the main cyberattacks and the consequences they have on the reputation of entities, because they are on a clear increasing trend.

Added to fake news linked to bank fraud, false promotions in online coupon format, attacks on supply chains where Iago’s data is exposed, the always suffering ransomware, so linked to cryptocurrencies.

Some of the best-known digital payment hacks in the world have been:

 Massive POS attack in Venezuela: In 2016, a massive attack on point-of-sale (POS) systems was recorded in Venezuela, affecting more than 40,000 businesses and allowing cybercriminals to steal credit and debit card information.

Bangladesh Bank Cyber Theft: In 2016, cybercriminals managed to steal more than $81 million from the Central Bank of Bangladesh through an electronic transfer.

Attack on eBay, Amazon and Yahoo: In 2014, these three companies suffered a cyber attack on Valentine’s Day, affecting millions of users and exposing personal and financial information.

Sony Attack: In 2011, Sony suffered a cyber attack that resulted in the personal information of more than 100 million PlayStation Network users being stolen.

In conclusion, it is true that there are digital payment methods that are safer than others, but we still need to rethink the way these payment methods are established and confirmed, because attacks can have serious consequences for the reputation and financial stability of companies and the society.