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5 Ways to Protect Your Online Finances ... in the Physical World

Fraudsters can not only steal phones and wallets unnoticed, but also steal money from bank cards. They have come up with many clever ways to do this. To avoid falling into the trap of a scammer, there are seven important rules to always follow.

August 18, 2020

Fraudsters can not only steal phones and wallets unnoticed, but also steal money from bank cards. They have come up with many clever ways to do this. To avoid falling into the trap of a scammer, there are seven important rules to always follow.

Modern online banks have replaced their offline ancestors in many ways. Today, you can easily pay by card in shops, shop online and pay for utilities. But even with unconditional advantages, vulnerabilities appear that are worth remembering. We share 5 tips to help protect online finances in the real, physical world.

Card Skimmer Check

The skimmer of the card is its magnetic stripe used for making payments. With the universal standardization of EVM chips in credit and debit cards, card skimming has dropped dramatically, but hasn't completely disappeared.

Therefore, before using the card at an ATM, it is better to check for suspicious devices that look unusual at the point of withdrawal.

How to understand that something is wrong with an ATM and there are risks:

  • Unusually hard number keys.
  • CCTV cameras aimed at the keyboard and not at the user is another red flag.
  • It is difficult to insert the card into the machine; the mechanism is jammed when dispensed.

Use NFC

Apple Pay and Android Pay allow you to pay in physical stores by swiping your phone. This technology quickly gained popularity, which is why the latest models have a built-in NFC module.

This method will help avoid card skimming as each transaction uses an individual digital token. Any attempt to steal data will fail.

Use screen protectors

And here we are not just talking about the basic setting of a password or pattern.

We are partially moving our work to public places such as cafes, parks, subways. No one will be surprised by a man with a phone in his hands over a cup of coffee in a nearby restaurant. But surfing on the go makes the user vulnerable. Today, close monitoring of information typed on a computer or telephone in public places is a fraudulent practice to gain access to your financial information.

Of course, it is impossible to prevent every stranger from looking at the screen, but there is one effective method to stop them from doing so. The most convenient way is to use a filter, which allows the person looking directly at him to see what is on the screen, and from the side, the screen appears darkened.

Don't write passwords on paper

The habitual method of "remembering" bank account passwords on paper is another vulnerability that is common even in 2020. As the best alternative: using a password manager. In fact, this is an additional stage of protection. For example, IOS makes it possible to remember passwords, and use them only when scanning a fingerprint. No one can just unlock the device and see the logins and passwords for sites, including online banking.

Getting an RFID secure wallet

RFID scanners are used by governments to track ID cards, credit cards, subway passes, passports, and even some currency.

Unfortunately, the technology can be copied or illegally sold to fraudsters who want to take advantage of bank account data

With this threat emerging, many companies are releasing RFID-protected wallets and passport holders that prevent personal data being scanned. This precaution is especially important for travelers as the use and prevalence of RFID scanning devices varies from country to country.