Financial Security: 10 Tips for Safeguarding Your Money

With the rise of technology and its uses, there has been a threat to leakage/hacking of sensitive information. It should be a top priority to keep your personal identity and your money secure. Hackers can find your personal data and bust into your bank accounts, and more to get ahold of your money. Here are few tips for safeguarding your money from unwanted threats.

In 2018, there have been the biggest data breach in the country in which nearly 32 lakh debit cards were compromised, 90 ATM were impacted and around 641 customers lost Rs. 1.30 crore in fraudulent transaction. Due to this State bank of India has blocked around 6 lakh debit cards.

Tips for Safeguarding Your Money

#1. Treat your credit and debit cards like your house keys

Keep your debit and credit card with due care and safety and don’t let them out of your sight. In case of misplacing or theft of debit card/credit card, You should immediately inform your bank/financial institutions and request for blocking your card from immediate effect.

[Also Read: Eyeing credit card loan against card limit? Top 5 facts that you must know ]

#2. Never write your PIN on your card

PIN should never be disclosed in public or can never be written anywhere which is easily accessible to any person. PIN authorizes you to access sensitive information and it is the easiest way for scammers for theft. Protect your PIN and never write it on your ATM, debit card, or credit card. PIN should be different for each card and you should not reuse them. This is very important tips For Safeguarding Your Money

Destroy any documents that might have account numbers or other personal information.

#3. Never dispose off card receipts in a public place

Generally, ATM card/ Debit card and credit card receipt don’t contain complete information about your banking details however identity thieves and fraudsters may be able to get a credit card number from a receipt. You should never dispose off card receipts in a public place.

Keep information about all your cards—including account numbers, expiration dates, and card issuers’ telephone numbers—in a safe place at home so you can act quickly if a card is ever lost or stolen.

#4. Create unique PIN and Password

Create Pin and password that isn’t obvious to others, and never write it on—or attach it to—your card. A creative and unique password is the first line of defense in protecting yourself against hackers.

You should never keep same password for all banks accounts and try to differentiate social media password with banking password. A strong password should include a mixture of letters and numbers and special character.

5. Cancel any inactive credit accounts

Normally, Inactive cards are closed by issuer itself after serving a notice. However it may affect your credit history adversely. Inactive credit accounts are not advisable.

#6. Never give out card numbers to unsolicited callers

With the increase of technology, facilities and financial inclusion fraudster find different ways to cheat innocent people. Many times they call you as Banks officials. Remember that any banks and financial institutions never ask for your personal information and card information over a phone calls.

Know that banks and other legitimate businesses never ask for passwords, account numbers, or updated information via email. Never click on a link in a suspicious e-mail.

If you mistakenly provide bank account information to a suspicious caller, you should immediately reach out to your bank and explain the circumstances and request for blocking of cards with immediate effect.

#7. Check for security icons (SSL certificate) on a business’s Website

Before making any transaction and keying in your account number first, you need to ensure that your transaction is secured. For this payment, website must be properly secured by SSL certificate. It can easily be check by everyone.

#8. Tips for Safeguarding your money while making Online Transaction

One has to be extra cautious while making online transactions on e-commerce portals. You must not write down your login Id and password anywhere instead it should be memorized.
Apart from that checkbook should always be kept in a secure place and you should reconcile the transaction on a fixed interval of time. It is important to track credit and debit card transactions on a periodical basis.

#9. Don’t take help of anyone while making ATM transaction

In remote areas is advisable to use bank ATMs, those attached to a bank branch and have security guards. Also, avoid taking the help of any person standing outside the ATM for money deposit or withdrawal, its vulnerable to take help of anyone as it may results in frauds. You should keep in mind this tips for safeguarding your money.

#10. Tips for Safeguarding your money while making transactions at Merchants & POS

While making transactions at merchants and Point of sale terminal in any stores, shops, shopping malls, or petrol pumps, make sure that your card is not taken away from your sights by the salesperson as the card information can be easily cloned and stolen. Many retailers use chip-enabled card reader, you should try to shop with them.

There are many more Tips for safeguarding your money from unwanted hackers and fraudsters, visit financial security section to get the latest tips and updates.

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