Banking card etiquette refers to the proper and respectful use of credit and debit cards, ensuring smooth and secure transactions while respecting the rules set by the card issuer. Following these etiquette guidelines can help maintain a positive financial relationship with your bank, protect your personal information, and make interactions at checkout points more efficient. What exactly does banking card etiquette mean for you?
When I think about card etiquette, there are three things that my dad drilled into my head.
The first is to never ever give out any details, not even accidentally. In the sense that you should not write things down, instead memorize numbers and facts. It could take seconds for someone else to capture your details. Don't speak out any banking details out loud even if you're on a phone call with your parents who asked for it. Rather think of safely sharing information through written formats. And definitely do not enter your details on any one else's device to make a purchase. These numbers are valuable and you should keep them safe.
The second is something I learnt from watching my dad constantly do this: Set limits on your card through online banking. Actively set a monthly expenditure limit on all your cards and constantly revisit them to make changes. If you feel like you aren't using a certain card for online shopping, make the limits for online transactions smaller so worst case scenario - someone has your details - they can take out a maximum of 100 dollars a month. Similarly, if you never take a card to the store for purchases or use it at the ATM, make the limits for those transactions small. Remember to remove these limits and adjust them as your lifestyle changes.
The third is a strict no to public wifi. Use Public Wi-Fi Cautiously. Or actually, do not use it at all. One thing I invested in is a good data plan. Apart form my secure college campus wifi, I do not connect to any other wifi. This is because all our financial data is stored in our laptop and is susceptible to interception by cybercriminals. Especially, when making online transactions, avoid using public Wi-Fi networks, as they are probably not secure. If you must use public Wi-Fi, consider using a virtual private network (VPN) to encrypt your data.
If I had to give you a quick 7-point guide to being more responsible with your card. Theses are some tips that would make the list:
Keep Your Cards Safe:
It's a good habit to keep your debit and credit cards in a secure place, like a wallet or a designated pocket in your bag.
Never share your card information, including the card number, CVV, and PIN, with anyone. Nor enter these into devices that aren't yours. Don't write it in a notebook that others can access.
Protect Personal Information:
Be cautious when providing your card information online. Stick to trusted, secure websites for purchases.
Check Your Statements Regularly:
Make a habit of reviewing your bank and credit card statements regularly. This helps you detect any unauthorized or unfamiliar transactions. If you spot any discrepancies, contact the bank immediately to report them.
Use Strong Passwords:
This sounds basic but when setting up online accounts for banking or shopping, use strong, unique passwords. Seriously go all out in the length and combine letters, numbers, and special characters. And definitely do not base it around guessable information like your birthdate or "123456."
Beware of Phishing Scams:
A fact of the world is to be skeptical of everything. Especially emails or messages asking for your card information with a sense of urgency.
Avoid clicking on links in suspicious emails; instead, a useful tip is to directly visit the official website by typing the URL in your browser.
Limit Sharing on Social Media:
It could be completely unintentional but remember the guy who created an identical 3-D copy of someone's house key that they held in a video? Exactly. Avoid sharing pictures of your cards or any financial documents on social media platforms. Scammers can use this information for identity theft.
Use Public Wi-Fi Cautiously:
I repeat this again because it's so important. I could throw technical jargon at you and talk in length about Man-in-the-Middle Attacks, Eavesdropping, Malware Distribution techniques, Spoofing Attacks, and Honeypot Attacks. When making online transactions, avoid using public Wi-Fi networks, as they may not be secure. If you must use public Wi-Fi, consider using a virtual private network (VPN) to encrypt your data.
Report Lost or Stolen Cards Immediately:
If you lose your card or suspect it has been stolen, contact your bank or credit card company right away to report it. They can help prevent unauthorized use.
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