Online banking security is crucial to protect customers’ personal and financial information from cybercriminals. Banks use various security measures such as encryption, multi-factor authentication, and fraud detection systems to ensure the safety of online transactions.
A credit card is a payment card that allows the cardholder to borrow funds– typically from a bank or other financial institution, up to a certain limit to make purchases or withdraw cash. The cardholder is then responsible for repaying the borrowed funds, along with any interest or fees, at a later date.
Recent fraudulent claims of repeated illegal transactions on credit cards in the Philippines concerned cardholders. Emy Grace experienced a loss of 36,000 pesos from her BPI Account. In addition, some of her friends suffered losses of 10,000, 17,000, and even 40,000.
Meanwhile, a 37,000 peso charge from an unauthorized party was made to Harley Bautista’s BDO credit card account during the event that occurred on January 8, 2023.
Not only that but a lot of complaints are scattered across social media. This is very alarming– causing some users to doubt the security of digital banking. With that, how can we secure our credit cards from fraud digitally?
In keeping your credit card information secure, necessary steps are a must to do such as; a secure connection when making online purchases or accessing your account, using strong and unique passwords, and being wary of phishing scams.
Monitor your account activity regularly, consider using a mobile wallet, and opt-in for two-factor authentication when available. This technique can make it harder for the fraudster to access your account without your consent.
Also, use the virtual card feature, which generates a virtual card number and expiration date for each transaction, making it difficult for fraudsters to use your card information after a data breach.