In the ever-growing shift to a cashless society, payments using cash to cards have been exponentially increasing. The non-cash payments have increased in volume due to the rise in adoption of digital payment services across all market segments. A research by CNBC predicts that tech innovations such as connected homes, contactless bank cards, wearable devices and augmented reality will drive cashless transactions in the future.
Although debit and credit cards have eased up, simplified and made it more convenient the way people are doing everyday transactions, it has also resulted in increasing frauds and thefts associated with them. According to the Nilson Report, there was approximately $23 billion of card frauds worldwide in 2016 and it is projected that the number will almost reach up to $45 billion in the year 2025 alone. Banks and the credit card companies are every day coming up with various ways to keep their customers safe and avoid these frauds but even the customers need to take some precautions to prevent these losses.
Here are a few tips to keep your card safe and not to be fooled with all the gimmicks out there.
1. Keep a strong PIN for your Debit/Credit card.
It would be unwise to keep your birth date/house number as your PIN because it is easily guessable. Hence, keeping a unique PIN and also changing it periodically is essential.
2. Never share your card number or CVV(Card Verification Value) with anyone.
If you have received a mail/text saying that you’ve won a lottery and you have to provide the card details for the same, sit back and relax, and please do not fall for the hoax. No card company will ask you to provide such details without giving prior proof of their authenticity. Be sure before you share your card details with anyone.
3. Check your account often and be up to date with the bank or the card provider ’s policies.
You should regularly review your account activity online or use your phone and be aware of the updated bank schemes to know the course of action in case of a fraud.
4. Keep your address and contact information up to date.
You should provide your latest communication address so that the payment statements and other information is received by you and doesn’t come in wrong hands. In case of a suspicious transaction, you would be notified at the earliest if you have provided the card company with your current contact information and then you can get the card blocked immediately to avoid any further loss.
5. Protect your devices where your card information is stored.
Nowadays, we save our cards as a payment gateway on different sites and applications. Hence, it is important to keep those devices protected with a strong password and up to date update security features. A strong password should consist of numbers, letters and special characters if possible making it hard for anyone to figure out.
6. Report lost cards and any suspicious transaction on your card immediately.
Time is critical and hence, reporting it instantly would ensure that you don’t incur any more losses and even might recover the losses sustained.