What happens if someone steals your credit card or gets access to your checking account information? Identity theft, while a low possibility when it comes to automatic bill pay, is still a possible issue.
To help minimize this risk, Uptain recommends setting up automatic payment plans only with companies that have strong security measures in place.
For issues relating to potential credit card theft, Cynthia Flannigan, CFP and director of financial planning at MainStreet Financial Planning, said to dedicate a separate credit card to important automatic bill payments like utilities and medical premiums. Use the card specifically for these needs and avoid using it in places like online shopping websites where the sites may be less secure.
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April 11, 2022 at 07:11PM
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The Pros and Cons of Automatic Bill Pay - GOBankingRates
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