Understanding the Security of Online Bill Payment (NAPSA)—Online bill payment continues to grow at unprece- dented rates as the advantages are resonating with today’s busy consumers. A significant proportion of consumers (70 percent) who bank online, however, are still turning to their checkbook to handle bill paying. Whatis it that’s keeping people from embracing online bill pay- ment? One reason consumers have cited is security. In a recent survey conducted by MasterCard Remote Payment and Present- ment Service (RPPS), 50 percent of respondents identified concerns about the security of their personal financial information as the reason they aren’t using online bill payment. Online bill payment is secure, particularly if done through your financial institution. Here’s why you can be confident your personal financial information is safe when you pay bills this way: 1. You have an established relationship with your financial institution. Otherwise you wouldn’t trust them with your thieves typically intercept per- sonal financial information from bills and credit card statements thrown in the garbageor left in a mailbox. 4, Limited liability. Should someone access your account, many financial institutions will cover 100 percent of any losses incurred. Talk to your bank to learn more about their liability policy. 5. Online bill payers keep a closer eye on their accounts. Consumers who use online bill payment access their account information—to check balances, pay bills, confirm transactions— through your financial institution’s Web site gives you the ability to pay ALL your bills and pay ANYONEin one place with one log in and password. 2. Your financial institution has security measuresin place to protect you. Financial institutions employ a numberof electronic safeguards to protect the privacy and confidentiality of your financial information. Most financial institutions provide their security policies on their online more frequently than those who use the traditional checkbook method. This means that online bill payers are more likely to notice unusual activity. With a majority of banks offering 24/7 customer service, fraudulent activity can be dealt with in a timely manner. As consumers become more familiar with the safety and reliability of electronic transactions, they begin to enjoy what so many have already experienced: the flexibility, speed and convenience 3. Less risk. Online bill payers are less likely to have their identi- their financial institution’s Web site. Speak to someone at your traditional way, according to Javelin Strategy & Research. Research has found that identity the security measures in place. It’s the first step toward complete money. Online bill payment bill paymentsites. ties stolen than those paying the of paying bills online through financial institution to learn about online financial management.
