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6 April, 2023

In the age of the internet, the way we make payments has been revolutionized dramatically: gone are the days when we had to carry cash or a checkbook to make purchases. The pandemic has accelerated the shift from cash to contactless digital payments among consumers, so it is no surprise that e-commerce is growing and evolving rapidly, with global volumes expected to increase by 12-15% annually until 2025. Government initiatives to promote cashless payments have also contributed, and investors' interest in digital payments has led to a proliferation of payments-focused fintechs. While online payment methods have made our lives much more convenient, they have also opened up new venues for fraudsters to take advantage of unsuspecting consumers. In this post, we will take a look at some of the top online payment methods with the lowest risk of fraud in 2023.

Digital Wallets

Digital wallets, such as Apple Pay, Google Pay, and Samsung Pay, are becoming increasingly popular as a convenient and secure way to pay for goods and services online. With a digital wallet, users can store their credit or debit card information, and use their phone or other devices to make payments without needing physical cards. 

Digital wallets are considered a safe payment method because they use tokenization technology to replace sensitive card information with a unique digital identifier, making it difficult for fraudsters to access the user's card information. 

The lifehacks for securing digital wallets for users might be similar to those for securing an online account, such as avoiding password reuse, implementing 2FA or MFA, and utilizing biometric verification like facial recognition or fingerprint.

However, if you are a merchant striving to minimize online payment risks or a digital wallet fintech company aiming to ensure the safety of your operations and customers, the crucial aspect is to collect as much data as possible about each user and his session. This information can assist in making informed decisions or might help your patented AI and machine learning technology in return decisions in under one second.


While cryptocurrencies may not be as widely accepted as other payment methods, it offers a high level of security due to its blockchain technology.

Blockchain technology keeps transactions anonymous and they cannot be reversed, reducing the risk of chargebacks.

According to a case study by EY, cryptocurrency fraud is relatively low, with only 0.34% of transactions identified as fraudulent in 2021. However, it is important to note that cryptocurrency is still a relatively new and volatile payment method, with regulatory challenges and price fluctuations to consider.

Virtual Cards

Virtual cards are similar to traditional credit or debit cards, but they are not physical and are only used for online transactions. Virtual cards provide users with a unique card number and CVV code for each transaction, making it difficult for fraudsters to use the same card details for multiple transactions.

Virtual cards are also considered a safe payment method because they provide users with control over the amount and frequency of payments, and can be easily disabled or cancelled in case of fraud.

To manage risks associated with virtual cards, companies can evaluate their specific needs and consider some specific tools, such as advanced fingerprinting, behavior analysis, reverse email and phone lookup, data enrichment and risk rating, and, of course, machine learning.

While each of these payment methods has its unique benefits, they all share a common trait: they offer low fraud risk and can be used safely in a variety of situations. By understanding the strengths and weaknesses of each method, consumers and businesses can make informed decisions about which payment methods to use for different transactions.

In conclusion, several online payment methods are safe and have a low risk of fraud. Digital wallets, virtual cards, integrated payment platforms, bank transfers, and prepaid cards are all popular payment methods that offer users convenience and security. However, it's important to remember that no payment method is completely 100% foolproof when it comes to fraud. It's important to always be vigilant and take steps to protect your financial information. Some of these steps include using strong passwords, enabling two-factor authentication, monitoring your accounts regularly, and avoiding public Wi-Fi when making transactions.

In the end

At COLIBRIX, we understand the importance of secure payment processes for businesses. Our advanced payment solutions prioritise security and convenience, providing businesses with the tools they need to protect their customers and grow their revenue. With our cutting-edge technology and expert team, businesses can trust that their payment processes are always optimized for their unique needs and secure from fraud.

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