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Monday, Aug 19, 2019

Money secrets you must not reveal

You must be careful not to reveal your atm pin, which you are required to use at atms to withdraw money and at shops.

business Updated: Jul 29, 2019 15:41 IST

Hindustan Times, Mumbai
You should not share any information printed on the card.
You should not share any information printed on the card. (File Photo )
         

If you have gone grocery shopping in one of the retain chains or large format stores, at the billing counter you might have noticed individuals disclosing their debit card or credit card password to the biller. Though it may be convenient to blurt out the four-digit number than enter it in your machine, it makes you vulnerable to fraudulent transactions. Fraudsters can use the password and withdraw all your money.

Like card passwords, here are five financial information you should not reveal:

PIN

When you go to an ATM, you have to enter your personal identification numbers (PIN) of credit and debit cards. You are required to use your PIN at merchant establishments to withdraw money and complete transactions. It is a four-digit secret number which acts as a shield to protect you from fraudsters. You need to be careful not to reveal this number to anyone. Also while using it at ATMS and POS machines ensure that you cover the keys with your other hand while typing it.

CARD DETAILS

If you take a look at your credit card and debit card, there will be information on it such as expiry date, the card number and your full name on the front side. If you are using a virtual card on your mobile app, you will get a similar display on the card. You will also have a symbol of Mastercard, Visa, American Express or Rupay. You should not share any information printed on the card. To carry out an online transaction, you need these details. If a fraudster has access to this information, your card can get misused.

CVV

If you take a look at the reverse side of your credit card or your debit card, you will notice a three-digit number on it. Known as card verification value or CVV number, it is required as one of the details to complete your online payment transaction. If you have used it online, you will be aware that this number along with your card details gets saved in e-commerce websites for quick transaction in the future. However, if you are uncomfortable providing this information, you have the option to delete it. Remember that you should not disclose your CVV to anyone as fraudsters can use it to swipe your card and steal money.

PASSWORDS

Whether you use net banking, mobile app or do any other financial transaction, you will have a password to complete the process. Do not give away the password details to anyone.

OTP

If you are paying your bills or buying something online, after you enter all the details, to complete the process you have to enter your one-time passwords (OTP), the second-factor authentication tool. There have been times when fraudsters call and ask for the OTP and then end up stealing money. Never disclose your OTP to anyone in any situation.

OTPS make your online transactions more secure. When you purchase anything online using your card, net banking or your e-wallet, an OTP is generated and usually sent to your registered mobile number. This last level of authentication is applicable only if you have cleared the other security information. OTP is your last defence in case all your other data get compromised.

First Published: Jul 29, 2019 15:41 IST

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