The consumer is authenticated in real-time by the consumer financial institution’s online online banking security issues pdf infrastructure. The availability of funds is validated in real-time by the consumer’s financial institution.
The consumer’s financial institution provides guarantee of payment to the merchant. Payment is made directly from the consumer’s account rather than through a third-party account. Nearly half of the bills paid in the US during 2013 were done via electronic bill payment. North America were made with a credit card.
OBeP systems protect consumer personal information by not requiring the disclosure of account numbers or other sensitive personal data to online merchants or other third parties. During the checkout process, the merchant redirects the consumer to their financial institution’s online banking site where they login and authorize charges. After charges are authorized, the financial institution redirects the consumer back to the merchant site. All network communications are protected using industry standard encryption.
Make sure a secure browser is being used. Read all privacy policies provided. Many individuals simply skip over such important information that could spell out potential risks. If a risk seems unnecessary and odd, it would be safer to skip this payment rather than take the risk with one’s hard earned money. Keep all personal information private. If phone numbers, social security numbers or other private, important information is asked for one should be cautious.