With plenty of horror stories about fraudulent transactions and stolen identities, people are now more cautious than ever when using their credit cards. Some might argue that using cash is still the best and safest. Still, credit cards can offer more flexibility and convenience that you simply can’t get from cash transactions.
That being said, security issues or not, people will continue to use their credit cards to make purchases. All you can do is to practice credit card safety measures to ensure the protection of your identity and your money. Here’s a quick guide to help you keep safe when using your credit card in the Philippines.
Keep Your Information Private
As with any kind of personal information, you should keep your credit card details private. Don’t take photos of your card and share it online. More importantly, keep your card’s CVV or card verification value to yourself. The CVV is the 3-digit number indicated on the back of your card (near the signature box), a security feature used to help prevent credit card fraud.
If someone calls you saying they’re representatives of your bank and asks for card information and other details, be immediately suspicious. Just say that you’re going to handle the matter personally by going to the bank. Finally, don’t answer an email that asks for personal details.
Sign Your Card
This is one of the first things you should do when you get your credit card: sign on the space allocated on the back. It’s true that some establishments are still quite lax when verifying the identity of credit card holders. Nonetheless, signing your card will help prevent unauthorized usage especially if you lost your card.
Shop on Trusted Websites Only
Online shopping seems to have taken over the Philippines. As such, you need to be more careful in entering your personal information and card details on shopping websites. If at all possible, shop only from trusted websites and verified sellers. You should also check if the website has a secure payment system.
Keep a Copy of All Receipts
It’s a good idea to keep a copy of your receipts after making a purchase, whether you bought something in-store or online. Keeping your receipts will help check if your purchases match with those that appear in your billing statement. If you see any discrepancies, contact your bank to dispute the billing.
Install Anti-Virus Software
If you often shop online, installing anti-virus, anti-spyware, and anti-malware software is even more important to keep your information secure. Some of the most trusted names include Norton, AVG, Trend Micro, Bitdefender, and Avast. Even with these software installed, just don’t download programs or files from unsecured websites. You should also make sure to turn on your computer’s firewall and download as well as install software updates. Finally, don’t shop using public computers and public WiFi. These are highly unsafe and are more prone to cybersecurity attacks.
Keep Your Information Up to Date
If you’re changing addresses, emails, or phone numbers, update your details immediately. Don’t do it over the phone or email; as much as possible, visit the bank branch. Your cellphone number is especially important, since you’ll be using this to sign up for fraud alerts and register for 2FA or two-factor authentication.
Frequently Log-In to Your Online Accounts
Most likely, you’ve already signed up to your bank’s online banking services. In fact, some credit card companies require you to sign up online and activate your credit card through their app or online portal. Frequent log-ins will help you spot suspicious activity sooner. Besides, if you already have the app on your phone, logging in and checking your account activity will take less than 5 minutes.
Report Lost or Stolen Cards Immediately
If your credit card gets lost or stolen, report it to the issuing bank right away so it can be blocked. There are also banks that allow you to block your card through their app or online banking portal. If this is possible for your credit card, do it ASAP and then inform your bank. Doing this immediately will ensure that your credit card won’t be used for unauthorized transactions.
Don’t be scared to use your credit card! After all, it’s there for your convenience. As long as you’re a responsible customer who takes care to practice and employ credit card safety measures, you’ll be just fine.
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