How to protect your money on websites without OTP verification for card payments

Utilize security measures

• Security freeze: Implement a credit account lockdown to prevent unauthorized account openings. This measure is score-neutral and can be easily adjusted to freeze or unfreeze as needed, offering robust protection against identity theft.
• Virtual cards: Use 16-digit numbers and expiry dates that are digitally generated for online shopping or international payments. Virtual cards protect your real account details and prevent unauthorized transactions by requiring pre-funding for single-use purposes, significantly enhancing your security on websites without OTP verification.
• Tokenized systems like PayPal: Opt for tokenized systems for online transactions to minimize direct credit card use. These systems offer a layer of security by ensuring that your card details are not directly exposed to the merchant, thereby reducing the risk of fraud and unauthorized charges.

Immediate response to threats

• Card loss response: In the event of a lost card or suspected unauthorized use, immediately block your card with the provider. This action is crucial, especially in scenarios where OTP bypass is a potential threat, to prevent unauthorized online shopping.
• Fraud alerts: Set up fraud alerts to trigger creditor identity verification, which offers an additional layer of credit safety without impacting your credit score. These alerts can be adjusted for various durations (1yr/7yr/military), providing flexible protection.

Monitoring and detection

• Credit monitoring: Engage services that offer vigilant monitoring of your credit reports, signaling any changes such as new accounts, balance hikes, or late payments. This early detection of potential fraud can be instrumental in preventing financial loss.
• Transaction monitoring: Utilize features provided by your bank or credit card company that monitor your location and spending patterns to flag unusual activities. This proactive measure enhances cardholder protection by identifying potential fraud before significant damage occurs.

Advanced protection strategies

• Neural networks and AI utilization: Financial institutions employ advanced technologies, including neural networks and AI, to develop sophisticated fraud detection algorithms. These technologies are crucial for safeguarding against sensitive fraud prevention methods and unauthorized transactions.
• Real-time analysis: Implement payment risk systems that offer instant fraud prevention. This minimizes customer impact and enhances the security of your transactions on websites without OTP verification.