Recently, there’s been a lot in the news about the supposed increase in card fraud attempts.
While this has understandably made some people nervous about using their bank cards, Chris Wood, executive for card issuing and payments at Nedbank, remains positive that, with a little common sense and a proactive approach to safety, your cards are still a much safer payment option than carrying around large amounts of cash.
He lists five simple, but essential safety guidelines that every cardholder should follow to maximise the security of their debit or credit cards:
* Never write down your PIN code, anywhere. This mantra has been drummed into banking customers for decades, but Wood says it’s worth repeating, especially now that so many people’s entire lives are captured on their cellphones. “The most secure place to store your PIN is in your head,” he emphasises, “and if you are worried you may forget it, put a clue or reminder on your phone that only you will understand; but never store the actual PIN on any digital device.”
* Never give anyone your card. As consumers, we’ve been handing over our cards to cashiers, waiters and petrol attendants for so long now, it’s become a habit. But Wood says it’s one we have to break immediately. “There is absolutely no reason why you should have to give anyone your card,” he says, “rather always ask for the terminal and insert or swipe your card yourself. That way there’s no chance of anyone getting any details off it.” He also points to contactless card payments or tap-and-go transactions as a very safe option because it is very difficult to clone a card remotely, and tapping your card ensures that it stays in your hand throughout the transaction.
* Avoid dodgy online stores and deals. The financial challenges many people are facing at the moment have made them targets for fake deal schemes. Wood points out that if an online offer seems too good to be true, it probably is. “Entering your card details on a site that you know nothing about, just to save some money, could end up costing you much more than you bargained for,” he says, “rather restrict your online shopping to well-known, reputable sites rather than getting tricked into fraudulent shopping deals – at least you won’t risk losing everything.”
* Go digital. According to Wood, the advancement of technologies that allow you to integrate your card into your digital device offers even more enhanced security for the savvy card user. He cites the features on the Nedbank MoneyApp as examples of this digital integration. “By adding your card details to the Nedbank MoneyApp on your mobile phone, you enhance numerous layers of security, ranging from the biometric security built into the device, to the secure app login, electronic notifications every time there’s a transaction, multi-identification verification options and the ability to permanently or temporarily freeze or block your card if you misplace it or suspect it, or its details, may have been stolen.”
* Think before you act. Ironically, the spike in fears over card security has actually created an opportunity for criminals to manipulate cardholders by posing as bank officials and telling customers that there’s been fraudulent activity on their cards. The cardholder is then scared into sharing their card details to stop the fraud, but inadvertently enables it instead. Wood emphasises that no bank will ever ask for you for your card details in an email or over the phone. If you are contacted in this way, you can be sure it’s a scam.
“While the fears around card fraud are understandable, it’s worth remembering that cash can actually be far riskier, because if it is lost or stolen, you have absolutely no way of preventing someone else from spending it,” Wood concludes, “on the other hand, banks offer many excellent card protection measures, ranging from multiple security features to the ability to instantly stop anyone from using your card. If you use these correctly, they make your bank card a very safe and secure payment solution; not to mention a very convenient one.”