Is it safe to pay rent online?

There is always a question regarding the security of online payments. There are always stories of people getting hacked and money getting stolen. The more online transactions that people make, the more comfortable they feel with the processes, but with millions of transactions every day, there are going to be some that fail. Is the risk human error, technical error or banking error? 

For landlords and tenants alike, online rent collection is the most effective method to pay and to collect money, develop a financially trustworthy relationship, and reduce stress. In spite of the widespread fear of cybercriminals, online payments are considered to be more secure than traditional check-paying practices. However, Online rent collecting has various drawbacks, just like any other mode of payment. Depending on the services you use, there may be fees or transfer restrictions for tenants. Also, it is common for money transmitters to team with their patrons in disputes between tenants and their landlords. But in light of all that, is it still safe to pay rent online?

Given the circumstances of today’s society, the COVID-19 pandemic has shifted the majority of the world’s population online hence, if you are concerned about your physical health, indeed, online rent payment is the safest approach to pay your rent. We still consider the risk of fraudsters in the digital world. 

According to experts, internet banking and bill payments are more secure than traditional methods of payment. Electronic statements and online bill payments “Anytime Feasible” were recommended by researchers from Identity Fraud Consumer Report in a report published in September 2013. This safety can be accredited to the fact that there are several security precautions in place by financial institutions to make your personal information (and your finances) as secure as possible, including high-level encryption technology and multi-step authentication procedures.

If we ask ourselves again, is it safe to pay rent online? Probably, yes, it is safer but we should not let our guards down and should still be alert and wise when doing business online. According to the main banking agency in an article by The Guardian, fraud in the United Kingdom has reached the point where it becomes a “national security issue.” According to UK Finance, fraudsters have taken advantage of the coronavirus pandemic, with offenders contacting adolescents as young as 14 over social media in order to engage them as money smugglers. For that, even if the online rent payment is faster, secure, and convenient; one should still take the necessary precautions to be safe online.