How To Keep Your Money Safe is important when it comes to ATM, EFTPOS and online banking. With the popularity of debit cards, credit cards and online banking, you need to take responsibility for the security of your money.
Online banking gives you control of your money 24/7. It is generally safe, convenient and inexpensive.
The down side to online banking or internet banking is that fraudster and criminals use online banking to steal money from people’s bank accounts. The two main scams that fraudster and criminals use are skimming and phishing.
You need to know how these scams work and what security measures you need to take to keep your money safe. In other words, how to keep your money safe requires you to watch out for these scams and to take some precautions.
1. Guard Your PIN Number
This is a no brainer. Your Personal Identification Number (PIN) is the key to your banking accounts. It is absolutely important that your PIN number is never divulged to anyone. NEVER, NEVER give your PIN Number to anyone.
Reputable banks and organizations will never asks you for your PIN number.
2. Watch Out For Skimming
Most people do not understand what skimming means. Skimming is a way of recording your data stored on the magnetic stripe of your debit or credit card.
Skimming takes place when fraudsters or criminals place an illegal magnetic stripe reader over the insert slot of an ATM or EFTPOS machine. The fraudsters or criminals then ascertain your PIN number either by a false keypad or a miniature camera attached to the ATM or EPTPOS machine. Sometimes, they simply get your PIN number by standing close by you.
You need to realize that fraudsters and criminals need both your PIN number and your card information to access your banking accounts. Though it is nearly impossible to know that someone is skimming your debit or credit card; nevertheless, there are some precautions you can take to protect your money.
Watch for ATM tampering – The signs are usually obvious, marks, scratches or adhesive tapes near the entry slot or keypad.
Protect your PIN number by shielding the keypad – All you need to do is cover your hand when you use an ATM or EPTPOS terminal.
Change your PIN number regularly – Changing your PIN number regularly will protect you from unauthorized transaction from card skimming.
Check your banking accounts regularly – Keeping an eye on your banking accounts is one way to keep your money safe from fraudsters and criminals. Make it a habit to go online and check your account balances.
3. Don’t Fall For Phishing
Phishing is another term that many people do not understand. Phishing is a scam where fraudsters and criminals contact you by email, SMS or by phone to get your personal and financial information. They often impersonate individuals or companies and their emails seem quite legitimate with authentic company logos.
These emails that seem authentic have a hyperlink and this hyperlink usually will take you to a hoax website that seeks to collect your personal information and PIN number. If you receive a phishing email, don’t click on the hyperlink. Just delete the email.
4. Call Your Bank If Concerned About Security
Banks make it their business to protect your money. If you have unexplained transactions, call your bank immediately so that you keep your money safe.
How To Keep Your Money Safe
Safe Banking Tips For The Elderly provide some helpful tips so that the elderly can be aware of scammers, fraudsters and others who seek to take money from their bank accounts fraudulently.