Slashdot Mirror
Ask Slashdot: How Safe, Really, Is Paying For Things Online?
An anonymous reader writes:
Due to the rash of intrusions into electronic payment systems lately, I've decided to go back to paying cash for everyday purchases, groceries, fuel, and anything else I pay for in person (which also has the positive effect of making balacing my checkbook every month that much easier). The question I have is: For the monthly bills it's just not practical to pay in person (utilities, for instance), how safe are those?
Five minutes of research is telling me that mailing paper checks isn't any more secure than online electronic payments and in fact may be even less secure, but short of literally showing up at the electric company, phone company, ISP, and so on, and paying them cash in person, I can't see any other way to pay them. So how safe is it right now, honestly?
I'm always interested in how Slashdot readers secure their own personal finances -- but how high is the danger that a remote malefactor will hijack and then drain your bank account? Leave your best answers in the comments. How safe, really, is paying for things online?
Five minutes of research is telling me that mailing paper checks isn't any more secure than online electronic payments and in fact may be even less secure, but short of literally showing up at the electric company, phone company, ISP, and so on, and paying them cash in person, I can't see any other way to pay them. So how safe is it right now, honestly?
I'm always interested in how Slashdot readers secure their own personal finances -- but how high is the danger that a remote malefactor will hijack and then drain your bank account? Leave your best answers in the comments. How safe, really, is paying for things online?
3. Cash for in-person transactions.
Unfortunately, I find that this is steadily becoming more of a hassle. I tried to pay for something with cash at Best Buy recently, and the poor young teller looked at me like I had just asked her what color her underwear was. Instead, I had to go to customer service to pay with cash like some kind of paleontology museum escapee... which was fine with me because the girl working at customer service was downright gorgeous. But next time when Bill the balding floor manager is on shift, then it's going to be an inconvenience.
Or do the obvious.
First many banks pay to open accounts so open an account at a bank that is paying those rewards, Every month simply transfer enough to pay your bills to your new PAY OUT ACCOUNTS. For example you can have an account just to pay your electric bill. Leave the required residual in the account so it is not closed. This way if the account is hijacked all you can lose is the electric bill payment. i also use PayPal a lot. So imagine that you set up ten accounts at banks offering sign on bonuses. Mine pay anywhere from $50 to $500 to open an account. Assuming your are all $50. reward accounts you will still quickly and easily earn $500 for a few minutes work. Meanwhile your funds earn interest in your regular account and you never, ever, pay bills from that account so you earn more interest. On most accounts with rewards you are free to change at the $90 day mark. So you can do this many times a year. Also you can earn referral fees for steering others to open accounts so work with a friend and refer each other frequently. Currently some people can actually earn a living simply opening and closing bank accounts.