What do secure electronic payments guarantee and what don’t they?


E-commerce has become a customary practice. Payment transactions from websites dedicated to, for instance, purchases and sales of second-hand items, tourist apartments and sales of any other kinds of goods and services are common.

In this era of digital transactions and payments, banking institutions are required to guarantee the security of our payments by verifying that they are duly authorised (i.e. that we have given our consent to execute the payment), identifying the bank linked to the banking account from which the payment is ordered and applying other authentication systems for the payment transaction.

But be careful! Under no circumstances does the security of the payment mean that we will receive the good or service correctly or that it is not a fraud! Indeed, banks are not responsible for any type of deceit or scam we might be subject to during the transaction. For example, if we buy a second-hand washing machine on-line, a secure payment will guarantee that the transaction is carried out correctly, but not that the seller will actually deliver the washing machine or do so within a specific time-frame or that you will receive it in good working order and with the features you expect.

A secure payment:

  • Guarantees that no third party may authorise payment orders on our behalf and that the funds will arrive correctly at the beneficiary’s account.
  • Does not guarantee that a possible fraud or scam will be detected as a result of the transaction for which we make a payment. Much less does it guarantee the transaction’s reversal, since payment orders are generally irrevocable.

In this videoAbre en ventana nueva we remind you of some basics concerning e-commerce opportunities and risks.

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