WHAT YOU NEED TO KNOW ABOUT YOUR BANK CARDS

There has been many changes in the way money is being carried and used for purchase of goods and services.  Most of these changes are being brought into effect by Central Bank to improve the economy, reduce spending, waste and improve security for her citizens.   

In a bid to achieve all this, technology has been sought after.Today we are faced with the reality of cashless economy, debit cards, credit cards, fund cards, ATM cards to mention but a few. 

Also, internet banking, e-marketing, e-commerce, e-government are forcing people who are not inclined in this aspect to fall into line.   

All this anyway does not come without means of losing hard earned money and valuables.  Citing example with an ATM card which is popular in this part of the world, or credit card elsewhere, you can purchase anything online with this card wherever it is acceptable provided you have an equivalent amount of what you want to purchase on the card.   

To do this all you need is your full name as used on the card and the card verification value(CVV). The CVV is very important as this is a 3-digit security number which only you have and signifies you are the bearer of the card.  It is the three digit number located at the backside of you ATM card after your signature pane mostly.   

Majority of the banks will not explain this to you.  Most ATM cards today come with all this information making it easy for anyone who is fraudulent to purchase with your monies on this card and still go scot free.
 
Inasmuch as bank cards are important and makes life easy, you should do the following to carefully protect your money. 

•  Keep all your banking cards securely and far from suspecting and even unsuspecting entities (because there is still suspecting anyway). 
• Separate your card number from your CVV number by memorizing your CVV number and saving your card number in your phone, diary or wherever you deemed fit.
• If possible use cards that are not tied to account (virtual).  Learn more Here.
• Ensure you have means of getting prompt alert on your account activities and bank cards.   
• This way you will be notified of all unknown activities. Have your bank's card customer care line numbers handy in order to block your account when you suspect any fraudulent move.
• This stops further access to your account and can be reopened when the coast is clear.

 

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