“Wealth gained hastily will dwindle, but whoever gathers little by little will increase it.”

A wise quote from a book worth reading; but I guess fraudsters didn’t get the memo. Fraudsters are always out looking to make fast money and sadly, your bank account is a go-to destination for them. However, if you observe these safety tips in the use of your payment card and account, you should be fine.

1. Regularly Monitor Your Account Activity

Stay vigilant by regularly checking your bank statements and transaction history. Use your bank’s mobile app or online banking to monitor for any unauthorized transactions or suspicious activities.

2. Enable Transaction Alerts

Opt-in for transaction alerts via SMS or your bank’s mobile app. This way, you’ll receive instant notifications for any activity on your card, enabling quick action in case of unauthorized use.

3. Safeguard Your PIN

Never share your Personal Identification Number (PIN) with anyone, including family and friends. Ensure it’s not easily guessable and avoid writing it down or storing it on your mobile phones.

4. Be Cautious with ATMs

Be cautious of your surroundings when using ATMs, especially in public areas. Shield your PIN while entering it, check for any skimming devices, and immediately report any suspicious-looking machines to your bank.

5. Use Trusted Merchants and Websites

Only make purchases from reputable and secure websites. Look for the padlock symbol in the address bar and “https://” in the URL to ensure the site is encrypted and safe for transactions.

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6. Embrace Two-Factor Authentication (2FA)

Wherever possible, activate two-factor authentication for your online transactions. This adds an extra layer of security, requiring your card details and a secondary authentication method, such as a one-time password (OTP).

7. Secure Your Devices

Ensure your devices (phones, laptops, tablets) are protected with up-to-date antivirus software and strong passwords. This helps prevent potential breaches that could compromise your card information.

8. Immediate Reporting of Lost or Stolen Cards

If your card is lost, or stolen, or you suspect unauthorized access, report it to your bank immediately. Prompt reporting helps prevent fraudulent activities and allows your bank to block the card to prevent further misuse.

Prioritize these safety measures to safeguard your payment cards and financial well-being. Stay informed, vigilant, and proactive in ensuring the security of your transactions. For more safety tips, visit our fraud prevention page, and you can also read our article on How To Spot A Financial Scam, to avoid becoming a victim.