Most websites that accept payments, whether it is an online retailer, or your utility company offer to save your payment information when you make a purchase. It may be convenient, but it is a security risk.

Anything you do online can be compromised. Data breaches are common. Reputable companies have security settings in place to protect your data, but nothing is 100% safe. Very reputable companies have been the victims of data breaches. According to Ipsos, almost one in three Americans fell victim to online financial fraud in 2023.

Here are some of the possible dangers of saving payment information online.

Websites Can be Compromised

Any website can be hacked or suffer a data breach. When this happens your personal information, including payment information can be stolen. This can lead to financial and identity theft.

Your Account Can be Compromised

If your online account is hacked the criminal has access to all your personal information including any saved payment methods.

Your Device Can Be Lost or Stolen

If your device is lost or stolen the information you have saved on the device can be stolen.

Malware Infections Happen

When a device has been infected with malware it silently begins collecting the information you have stored on the device. It can record your browsing activity and keystrokes, monitor the programs you use and collect your personal information.

It really is better to be safe than sorry, don’t store your payment information online. It takes just a few minutes to enter the information when you make a purchase.