In today's digital world, almost everything can be done online, including paying bills and sending money to friends and family using Peer to Peer Payment services (P2P). Instead of writing checks and sending via traditional mail, many are choosing to move money electronically for added convenience and speed.
Setting Up Online Payments
Before we explore the advantages and safety precautions of online bill payment or P2P methods, it's important to understand your options. There are generally two primary methods for paying bills online: directly through the biller or via your financial institution.
- Through the biller: Opting to pay through the biller entails logging into each company's website individually and manually inputting your payment information. It's crucial to ensure you only share personal information with trusted companies to mitigate any potential risks.
- Through your financial institution: Alternatively, you can pay your bills online directly through your financial institution. For example, Advia offers a service called Bill Pay, allowing you to organize and schedule your payments conveniently through our online platform. With this method, you're paying directly from your account, eliminating the need to provide personal information to a third-party site. We also offer digital money movement tools like P2P to pay others and External Transfers to and from your accounts at other financial institutions. If someone you’re paying is a member of Advia, you can also simply transfer money to their account online. We also offer a variety of ways to pay your loan online without needing to write a check or come in!
When it comes to P2P services, many people choose to pay their friends or family using services such as Zelle, CashApp, Venmo, or directly through their financial institution’s digital banking. But take note: make sure you only send and receive money from people you know and trust.
Think Safety First
Did you know sending checks via the mail puts you at greater risk of your personal information ending up in the wrong hands? In 2023, the U.S. Postal Service issued a warning, urging individuals to cease sending checks via mail due to over 680,000 reported cases of fraud the preceding year. To delve deeper into this cautionary message as highlighted by CBS News, visit here.
Opting for online payments is the safest method to prevent your checks from being stolen via the mail.
Other Benefits of Online Bill Payment & Money Movement
In addition to the safety benefits, there are other reasons you might choose online bill pay or digital money movement over traditional mail, including:
- Convenience: Paying bills online or sending money to loved ones eliminates the need to physically write and mail payments. Instead, with online payments, you can pay your bills with just a few clicks.
- 24/7 Access: Online bill payment platforms are always available, outside of occasional maintenance, allowing you to schedule payments and check your account details even outside of traditional banking hours.
- Automated Payments: Many online platforms offer the option to set up recurring payments, eliminating the need to remember due dates and ensuring bills are paid on time.
If you haven't tried Advia's Bill Pay yet, we recommend giving it a try as it offers all of the benefits mentioned above. To learn more, visit here.
Security Measures for Online Transactions
While online bill payment is convenient and eliminates the risk of your mail being stolen, lost, or delayed, it's still important to protect sensitive financial information against unauthorized access and fraudulent activities.
Here are some best practices recommended by Advia’s Fraud Team: Safeguard Your Accounts:
- Create strong, unique passwords for your online accounts and avoid using the same password across multiple platforms. Consider enabling multi-factor authentication (MFA) for an added layer of security.
- Keep Information Confidential: Never share your account credentials, such as usernames, passwords, or PINs, with anyone. Be cautious of phishing attempts and only provide personal information on secure websites.
- Avoid Public Wi-Fi Networks: Public wireless networks, such as those found in coffee shops or airports, pose security risks as they are susceptible to interception by hackers. Avoid accessing sensitive information, including online bill payment platforms, when connected to public Wi-Fi.
- Use Secure Devices: Avoid using jailbroken or rooted devices for online transactions, as they may be more vulnerable to malware and security breaches. Keep your devices up to date with the latest security patches and software updates.
- Only use P2P Services with People You Know: Protect yourself against scams by only using money transfer apps with individuals you personally know and who have provided their user ID and information directly to you.
- Install Antivirus and Antimalware Software: Utilize reputable antivirus and antimalware software to protect your devices from malicious threats. Regularly scan your devices for potential threats and promptly remove any suspicious software.
By adhering to these best practices, you can take advantage of the convenience of online bill payment and P2P services while ensuring the security of your financial information. As the digital landscape evolves, prioritizing security measures remains essential in guarding against emerging threats and protecting personal and financial data.
We’re here to help.
While paying bills and sending funds via P2P services is less risky and more convenient than traditional mail, staying vigilant against fraud is key. At Advia, we're committed to equipping our members with the best practices for secure online transactions. Your financial security is our priority, and we're here to support you every step of the way in navigating the digital landscape securely.
To learn more about our Digital Banking services, visit here.
Sources
CBS News: https://www.cbsnews.com/pittsburgh/news/u-s-postal-service-warning-checks-mail/