Brendan I've taken a stab at this. I've left it deliberately rough as I would welcome any feedback and suggestions and will edit it accordingly. Also, if anybody wanted to take it over and give it a thorough edit I have no problem passing it on.Would someone like to write a Key Post on the following
Steps you can take to keep your credit and debit cards secure
The Basics - Your Card/s
- Keep the number of cards you have to the minimum that works for you (perhaps one live and one for backup, or one debit card and one credit card, or one fintech and one "bricks and mortar") and cancel and destroy any others
- If using a debit card, consider having it attached to an account that is used exclusively for that purpose and keep the balance on this account as low as possible (i.e. top it up weekly or in advance of card use)
- If you change your phone no, address etc ensure that your bank is notified so they can contact you if there is suspicious activity on your card/account
- Switch on any transaction notifications that your bank/app allows (e.g. N26 and Revolut send instant notification of all transactions to your phone/watch)
- Familiarise yourself with the safety features that your bank/app has and use these frequently e.g. limits on transactions, limit types of transactions, suspend or freeze card when not in use etc
- Make a habit of looking at your online transaction history at a set time daily ( first thing when you wake or at breakfast, when you arrive at work, at lunchtime, before/after dinner, before bed)
- Never ignore a small or trivial unrecognised transaction that appears on your account, these are often a test and will be followed hours/days later with a large transaction
- Consider using a digital wallet (ApplePay or Google Pay) These can offer added protection as they don’t provide your credit card information to the merchant, instead the send a token code
- When using your card to pay in restaurant etc, never part with your card, go to the payment terminal or have it brought to you
- When using your cards in public, look around before use, and shield the keypad before entering your pin or passcode
- When giving your card details over the phone, choose your location carefully and look around you before doing so
- Keep a record of all cards in a secure location at home, and keep your bank/s emergency phone numbers in your phone
- Keep your phone/computer software up to date. This includes the operating system, all apps and any security, anti-virus and anti-malware software
- Switch on the highest level of security/authentication available on your phone, in particular; encrypt your phone, use facial or other biometric recognition and if only using passcodes change these from time to time
- Switch on any in-app security available for banking and payment apps
- When you are finished with a device that has been used for financial transactions, ensure that (1) the device is wiped prior to disposal and (2) that it is de-registered by the financial institutions and/or their applications
- Consider having a separate card for online use only
- If available to you, use one-time cards
- Consider using PayPal
- If using a credit card ensure that it's one with a low credit limit, and in the case of a debit card ensure that the balance in the account is kept low
- Avoid using your cards when on unsecured connections (e.g. free WiFi). If you must use your card online when in an airport for example, turn off WiFi and use your 4G connection for the duration of the transaction
- Avoid using your card on devices that you don't own/use exclusively and never use your cards on a shared/public computer/device
- Know the retailer that you are buying from and go directly to their website (i.e. enter http://www.retailers-name.com/ (www.retailers-name.com) in your browser to initiate the transaction, do not click on a link supplied in an email or message)
- Check that the url begins with https:// at all times during the transaction, and in particular on the "checkout page" when entering your credit card details even if you checked it previously
- Be particularly careful if using an unknown retailer
- Block all foreign currency and overseas use, and switch on these on only when needed (e.g. when travelling) and off again afterwards. Use a diary to remind you to turn them off on arrival home
- Some Banks/Apps allow you to specify the countries/currencies that are active, use this facility if it is available
- The so called Fintechs such as Revolut operate online only businesses which tend to have lots of convenient and innovative features, however they can be very difficult to deal with when issues arise as it is impossible to meet them face to face and often difficult to make useful phone contact, whereas you can always walk into a branch of one of the traditional banks and discuss your problem
- There is a perennial argument as to whether it is better to use a credit card with a low limit or a debit card with a low balance in your account. Each of these has its merits/demerits. Either can be made to work. Educate yourself and make the decision that is best for you.
- Free banking comes at a price. Putting all your money into one Fintech account can simplify life and can save you the cost of account maintenance and transaction charges, but you get what you pay for and when things go wrong resolving problems can be very difficult
- Have your salary paid into a bricks and mortar bank, pay your mortgage utilities and and other large transactions from this account, and have a debit card associated with this for limited use (e.g. occasional large in-person purchases). Use a Revolut debit card for for all other chip and pin, contactless, online transactions. Keep the balance in the Revolut account to the minimum necessary and top it up frequently "as required"
- Have your salary paid into a bricks and mortar bank, pay your mortgage and other large transactions from this account, and have a debit card associated with this for limited use (e.g. occasional large in-person purchases). Use a credit card from all other chip and pin, contactless, online transactions and pay this off monthly by DD. Keep the credit limit on the credit card to the minimum
- Use an N26 debit card for overseas transaction when traveling (no transaction charges, no commission, very good exchange rates (same as xe.com) and instant transaction notification. (Drain the account the moment you deplane and switch it off until your next trip
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