In our modern digital world, financial scams and fraud are on the rise. Scammers are always coming up with new tricks, like phishing emails and fake investment offers, to trick people and take their money.
To make sure your money stays safe and you can relax, it’s important to stay alert and take action. Here are five important tips to keep your money safe from scams.
1) Use credit cards for online purchases
When you shop online, consider using credit cards for an extra layer of security. They make online shopping easier and come with built-in protections. If you lose your card, let your card issuer know right away. In most cases, you’ll only be responsible for up to $100 in unauthorized charges if you report it promptly. This limitation applies provided that you:
- Have not engaged in any fraudulent activities.
- Were not grossly negligent in safeguarding your card or PIN.
- Informed the card issuer as soon as reasonably possible after becoming aware of the card’s loss or theft.
2) Customize Debit Card Function
If you find yourself without a credit card and rely on a debit card for your financial transactions, there are still proactive measures you can take to enhance your security through the online banking system. Many online banking systems let you customize your card’s features. You can set spending limits or even turn off online and contactless purchases. These adjustments create a safety net against scammers trying to misuse your financial information.
This personalized approach to managing your debit card offers several advantages. Firstly, it empowers you with control over your spending, helping you stay within your budgetary limits. Additionally, it serves as a proactive defense mechanism against fraudulent activities, reducing the risk of falling victim to scams or unauthorized transactions. By taking advantage of these features within the online banking system, you can bolster your financial security, ensuring that your hard-earned money remains safe and protected.
3) Don’t use multi-currency cards linked directly to your bank account when traveling
When you’re traveling, be cautious about using multi-currency cards linked to your bank account. Instead, explore options like Youtrip, Revolut, or Trust Card, designed for travelers.
You can load them with your travel budget, making financial planning more manageable. These cards also act as a safeguard if your card gets lost or stolen. They limit potential losses and come with user-friendly mobile apps that let you lock your card instantly if you suspect unauthorized activity.
4) Consider having two bank accounts
One for everyday spending with a debit card and the other solely for savings, without any associated card.
Consider having two separate bank accounts: one for everyday spending with a debit card and another solely for savings, without a card. This simple strategy makes it harder for scammers to access your savings or carry out unauthorized transactions.
Your savings account, free from a card, becomes less vulnerable to fraud. Plus, it encourages responsible money management, ensuring you dip into your savings only when necessary.
5) Stay Informed about Security Updates
Online threats are always changing. To keep your devices safe, make sure you stay informed about software updates, security patches, and good antivirus software. Keep your computer, phone, and other devices updated with the latest security features. Consider using a trusted antivirus program.
You can also check out ScamShield, a new app developed by Open Government Products with the Singapore Police Force and the National Crime Prevention Council. It helps you spot and report scams.
By following these friendly strategies, you can reduce your risk of falling victim to scams and keep your finances secure in today’s digital world.
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