The Best Payment Methods to Keep Your Info Private
While almost every mass-payment method has a secure network in place to keep your bank information private, some payers and payees are concerned about the possibility of their account information being hacked. Even as the likelihood of hacks is slim for many of these methods, many payees prefer their payer, or employer, can not modify, or even see, their account information. Here are some Do’s and Don’ts on how to provide your banking information:
DO: Insist on a Secure Dashboard to Collect Your Banking Information
The best way to provide your banking information to receive payments from payers is via a secure dashboard, This dashboard should be protected by a username/password and should be visible only to you. Dual Factor Authentication, using text messages (SMS) and emails with secure PIN numbers that you must enter, is preferred. Enterprise class payout systems, such as Tipalti, support such mechanisms. They are typically embedded as an iFrame into the payer’s website
DON’T: Send Your Banking Information Via email
Emails are not secure. Many people at the payer may be able to see your banking information. In addition, hackers can easily intercept your emails, especially if sent from consumer domains such as Google, Yahoo, Hotmail, etc.
DON’T: Mail or Fax Your Banking Information to the Payer
Letters and faxes can be seen by many people at the payer. Your banking information may be stolen and shared with criminals.