In its 2022 Annual Report, the Bahamian monetary regulator, Central Bank of The Bahamas, reported over $15M in fraud complaints from debit and credit card users.[1] In many instances, better handling of financial cards could help to protect potential victims. This article shares ten practical but effective recommendations for protecting your financial accounts through your bank cards.
(1) Invest in an RFID-blocking wallet to store your card.
Radiofrequency identification technology, or RFID, allows you to quickly “tap” payments from your card to a card reader. This saves time at the cashier. However, on the downside, certain RFID readers can pull transactions from your cards without your knowledge. An RFID-blocking wallet cancels any signals from your card until you have removed it to make a purchase.
(2) Conceal sensitive information on your card when it is out of your wallet.
While your cards are out of your wallet, keep sensitive data on them out of view from people or cameras you may or may not know are around. Many businesses position cameras at the point of sale as part of their loss prevention efforts; however, these cameras are often also perfectly positioned to capture your card information. For further protection, memorise and cover your three- or four-digit card verification value code, or CVV code, on the back of your card with opaque tape, as this number only needs to be known by you, generally, to make online purchases.
(3)Handle your card as much as you can.
When we purchase goods, the cashier often prompts us to hand our cards over to them. While they may be doing their job as customer service professionals, insist on handling the card yourself throughout the checkout process when possible. This measure will allow you to ensure that your card information is kept covered and out of view from any cameras the store, the cashier, or other patrons may have. Additionally, the cashier may prompt us for the card before the terminal is ready to receive payment and, in the waiting period, may have your card in plain view of others or cameras.
(4) Never let your card out of your sight.
Be careful when lending your card to others borrowing money from you or making payments on your behalf. Also, take precautions in allowing cashiers to walk away with your card. You cannot vouch for how a person will handle your card when you are not present. In situations where you may be dining at a restaurant, ask the waiter to provide a wireless card reader to the table for checkout. If unavailable, it may be best to leave the table and walk to the terminal to complete the transaction or seek an alternative payment method like cash.
(5) Avoid using your card at drive-thrus, especially those with tinted windows.
Unless the drive-thru establishment offers a card reader at the terminal, cashiers can easily conceal personal cameras at drive-thru windows or may “go missing” with your card for extended periods. This is the prime time for thieves to record your card information. If you notice a cashier taking unusually long with your card, politely tap on the window to ask for your payment status.
(6) Inquire about a CVV app or payment alerts.
Some card issuers offer a CVV application for your mobile device that provides a temporary CVV independent of the one printed on your card. By using this tool, someone successful in capturing the information printed on your card may find it difficult to make purchases requiring the CVV. Additionally, some financial institutions offer payment alerts so you are always aware of your transactional activity.
(7) Use a unique PIN (personal identification number) for your bank cards.
As with all passwords, passphrases, passcodes, and PINs, it is critical to use unique combinations for each. For example, if your card’s PIN is the same as your phone’s passcode, someone aware of your phone’s passcode and with access to a copy of your bank card may be able to guess your card’s PIN and gain access to the account. For additional security, anytime you enter your PIN somewhere, ensure that you are shielding it.
(8) Do not enter your details on a credit card authorisation form or make a purchase over the phone with your bank card.
With the advancement of online payments, the days of service providers requesting payment over the phone are coming to an end. If a service provider requests payment over the phone or by email, inquire about a different payment method. If there are none available, go in-store or choose a different service provider. Providing your payment details over the phone is an extreme risk as you cannot see or control which information the person on the other end is recording about you.
(9) Avoid using public Wi-Fi for online purchases.
Only enter your card details on secure websites that begin with “https://” and if using a virtual private network (VPN). Where possible, opt to pay with PayPal or another reputable payment platform. Although convenient for future payments, avoid saving card information on any website. In the event of a security breach, an attacker can exploit your information.
(10) Use a credit card, cash, or a digital wallet when possible.
Credit cards provide a layer of security since the money attached to them ultimately belongs to your financial institution. Therefore, if someone uses your card information unauthorised, it is easier and more likely that your financial institution will recoup their own funds rather than yours, which may never be recouped. While it carries its own risk, cash can be another option for consideration in cases where you may not trust a merchant. Should you find yourself in this situation, it may be safer to transact in cash over a card. Digital wallets offering the option to pay via a quick reader (QR) code are becoming recognised as even safer alternatives to cards and cash. As their popularity increases, consider whether it could be a good option for you.
While these methods may not be bulletproof, practising them should help mitigate risk regarding your electronic card information. It is still important to check your bank statements often for unauthorised charges and follow the proper protocol to report the same to your financial institution immediately and have the card cancelled.
[1] Central Bank of The Bahamas. (2023). (rep.). Annual Report & Statement of Accounts, 2022. Central Bank of The Bahamas. Retrieved 2024, from https://www.centralbankbahamas.com/viewPDF/documents/2023-05-09-12-27-39-2022-CB0B-Annual-Report-and-FS.pdf.
