One of the pandemic’s significant changes has been the growing use of bank cards. And although using them still seems like a risky operation to some, experts from the financial product comparator HelpMyCash.com confirm that there are methods to reduce the chances of being victims of fraud. Regardless of whether you are using a debit, credit, or prepaid card, it is essential to know the settings of the banking apps. It will be easier to limit operations through digital channels, turn off cards, or configure notifications. These and other preventative measures could help significantly reduce your chances of falling for a scam.
Although it is one of the most shared configurations by banking apps, many users are unaware that they can activate or deactivate their card with a single click. It can be done temporarily, for example, if you have a card that is rarely used or is not usually on hand and you want to be sure that no one else will be able to use it. And it is that when deactivating it, the card will be temporarily disabled, and it will not be possible to withdraw money or buy with it. To use the card again, activate it again beforehand. In case of suspicion of fraudulent use of the card, HelpMyCash recommends deactivating it until they are sure there is no risk.
Knowing if third parties have used the card is more straightforward than is often believed. Most banks allow you to configure alerts (SMS or push notifications ) each time the card is used. Thus, from electronic banking or the app, it will be possible to request an alert to be informed whenever operations such as withdrawals at an ATM or purchases with the card are carried out. If a strange movement whose origin cannot be identified is reported, it is best to deactivate the card.
Depending on usage habits, it could be helpful to limit card operations. If, for example, it is used to pay in stores, but no refunds are made with it, it is possible to deactivate this last functionality from the app. With this simple gesture, you can be sure that no one can get money with it. And if you use little, you can also limit the maximum amount that can be withdrawn each day.
Some entities also allow you to limit the maximum amount spent each day or each month on purchases. Thus, if you have a rarely used card, it will be possible to limit expenses to be more secure. Similarly, there is the possibility of blocking contactless payments, modifying them, or even blocking payments abroad. Certain entities such as Openbank, Abanca, or BBVA can deactivate contactless payment, an exciting option for those who opt for greater security.
In any case, each bank establishes its options to configure the security of its cards, and not all entities offer the same possibilities. For example, N26 fee-free account holders can temporarily turn off their cards and block ATM withdrawals, online payments, and in-app purchases abroad and limit the maximum daily amount that can be spent or withdrawn from a cashier.
Although more and more entities are taking card security into account, some banks stand out in this regard by having introduced improvements to their cards, such as dynamic verification codes.
The latter is the case of BBVA, which markets the Aqua debit card without printed numbers and with a dynamic CVV. With this payment method, internet transactions are more secure since, as the CVV changes regularly if a third party steals the data, it will not be possible to use it again later. To consult the card data, it is necessary to access the app. New BBVA customers can get an Aqua debit card with no annual fees by opening the Online Account with no fees and no linkage.
Prepaid cards also offer extra security when paying online since they are not linked to an account. In case of fraud, they could only steal the money that had been previously loaded.
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It is essential always to have the card insight when making payments. From HelpMyCash, they recommend not giving the card to third parties and that the users themselves are responsible for bringing or inserting the card into the dataphone when paying. In this way, any cloning attempt can be avoided. It is also essential to ensure that no one is watching when you type the PIN at the POS or an ATM.
Before entering your card details, it is worth confirming that you have accessed a legitimate website for online merchants. Although it is not an easy task, specific indicators can be helpful. If the website being accessed does not have any section with legal information, does not use an HTTPS address, or has spelling or layout errors, it may be a fraudulent website.
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