Paypal

Ecommerce Platforms rates Paypal as one of its top 5 Best Payment Gateways. Truly a global e-commerce service, it is certainly one of the most popular. Paypal uses Secure Sockets Layer (SSL) technology, a standard security measure that employs encryption when information is transmitted between the server and the web. This helps to ward off cyberattacks from intercepting confidential data, like credit card information, during its transmission.

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That said, there are still some basic precautions any user should take. To minimize risk, try not to use your Paypal account, especially to perform transactions, while using public Wi-Fi. Always remember to run the latest security updates on your computer and smartphone. Always be vigilant of scams. Sometimes emails or links appear to come from a trusted provider, like Paypal, when in fact they’re phishing for your information.

Google Wallet

Google’s mobile payment system lets users store and use their credit card information to make purchases using their smartphones. Like Paypal, the digital wallet app utilizes SSL technology and your card information is never displayed within the app. The wallet is accessible only through a PIN as an additional layer of protection for its users.

Though ultimately Google Wallet is safe to use for transactions, Smartphone Champ found a disturbing weakness in the app’s security. If your phone is stolen, an unauthorized user could wipe your phone, enter a new PIN, and add your prepaid card. Champ’s article features a video demonstrating how this could be done in a couple of minutes of someone gaining access to your phone. Google is working on a fix for the issue, disabling prepaid cards in the meantime.

Venmo

One of the older payment systems, Venmo has evolved from a transaction platform to having basic social networking capabilities. Users must link to their card and account information in order to transfer funds to other users in their network. However, direct links to accounts require the highest security, and Venmo has been brought under much scrutiny as to whether or not they adequately meet that demand. There have been reports of breaches to accounts, even though the company uses encryption, PIN codes, and security measures equivalent to those of banks.

For the most part, the platform is safe to use, but best practice is to limit your information and transactions to cards rather than your account directly. It may be less convenient, but it’s safer. Also be aware of the user complaints lodged against Venmo. The company has been accused of lacking transparency measures and failing to notify users of important changes made to their account that could have enabled them to stop hackers sooner.