Protecting your bank cards from fraud
Wednesday March 12, 2008
Many people worry about the security of using a bank card. Keeping safe in your card use is not very difficult, though. Mostly all it requires is that you remain observant and private in your dealings using your bank card. Following this guide should help to put your mind at ease about bank card security.
Exercise good PIN protection
One of the most important elements of avoiding bank card fraud is to keep a secure Personal Identification Number. Unfortunately, it is all too common for people to keep their PIN written down, and worse, to carry it with them! To maximise the security of your PIN, change it to the maximum length, but avoid long repeats of the same number.
If you are worried about forgetting it, try using memorisation aids such as mnemonic devices and rhyming, or word associations. For instance, if you had a ten number string such as 2749734913, you could try to remember it with the phrase 'To sail for Norway, sail thrice for Northumberland, often turning.' Absolutely meaningless, but if you break it down you are using 'To' to represent the number 2, 'sail' which starts with an 's' to represent 7, 'for' to represent the number 4, words beginning with the letter 't' to represent 3, the names of places beginning with the letter 'n' to represent 9, and a word beginning with the letter 'o' to represent 1. It's odd, but you may remember those associations better than a sheer string of numbers.
If you fear too much that you'll end up forgetting your PIN and simply must keep a copy, be sure not to keep the bank letter containing it. It's just too obvious what that is. Also, don't leave your PIN anywhere near your card. You may even want to consider encrypting it, but the best solution is still just to memorise it.
Pay attention to what is happening to your card
If you utilise EFTPOS facilities at stores, don't let your card out of sight if the attendant insists on swiping your card through the reader. If you don't know where your card is, they could be 'skimming' your card details off the magnetic strip. Whenever possible, do everything with your card yourself, or if the attendant needs to go elsewhere to scan your card, insist on following them.
Be aware at ATMs
When using an ATM, don't just assume everything is alright. Be aware of your environment and check to make sure there is nothing suspicious about the machine. If the card slot looks different to usual, call the bank and use another ATM. Covering the movements of your hands when typing in your PIN is also a sound defence against hidden cameras. It sounds ridiculous that anyone would go to such lengths to rip you off, but if you multiply the amount they could steal by the hundreds of people that may use a busy ATM every day, it seems worthwhile. Remember to always report anything suspicious to the bank and the police to help them reduce bank card fraud.
Know what details you are giving and to whom
If someone calls you at home saying they are from your bank and asks for details of your account, should you tell them? No you shouldn't, at least not on that call. Even if they provide you with certain bank details to 'prove' that they are from the bank, recall whether your last bank statement came at the usual time, or if it's late. Mail theft to learn basic account details is a fairly easy scam, as people seem unusually willing to provide their important details to anyone proving their legitimacy with basic identifying details. Ask for a number to call back, and if they insist there is no number and that it needs to be arranged now, simply hang up and call your bank's usual help line. If they do give you a number, tell them you'll call them back, then call your bank's usual help line to confirm!
It is extremely unlikely that your bank will call you and require your identifying details, and they will certainly never ask to confirm the PIN details they have on their records. Your bank will not mind you taking action like this for the security of your account, and they will be happy to know of any scams that are currently working against them.
Remember, stay aware of what is happening with your bank card, and most of the security work is done. Banks would not use bank cards if they weren't a generally secure means of obtaining funds. Don't be a victim of easy fraud. Keep your bank card and details safe and private.
