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Hakki Aydin Ucar
Hakki Aydin Ucar

Here are some tips for protecting your money from fraud: 1. Spread your money across multiple bank accounts for different purposes like groceries, ATM withdrawals, online purchases, and large purchases to limit losses if one account is compromised. 2. Do not have a debit card that accesses your savings account; keep a reserve account without a card. 3. Be careful when your whole wallet or purse is near a contactless payment reader on buses or trains which can read your credit/debit cards.

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Expert advice on protecting your money Here are some top tips from our payments week experts, based on what they do to keep their own money safe from the fraudsters. 1. Spread your risk across multiple bank accounts. Having several bankaccounts that you use for different things e.g. grocery, ATM withdrawals,online purchases,large purchases (household/ electronics).This means that if one card is compromised you dont lose all your savings.They also make it easy for you, and the banks fraud detection algorithms,to spot unusual activityon anygiven account. 2. Dont have a card that accesses your savings account. Keep a bank account reserve that is not accessible from the cards in your wallet.If this account has a card - cut it up. 3. Never put your whole wallet/purseon the contactless reader. The contactless readers used for buses and trains can read your credit/debit cards. 4. Minimise the number of onlineretailers where you enter your credit card details. There is a more detailed section on stayingsafe online comingup, however, a good simple rule is that reducingthe number of places where you reveal your credit/debit card details online also reduces yourrisk. Using an online wallet such as PayPal or Google wallet means you only put yourcredit card details into one website therebyreducing yourrisk. 5. Cash is a good way to limit your risk. Carryinga small amount of cash for incidentals allows you the leaveyour credit/debit cards safe at home. Situationssuch as a dayat the beach or a night out,carry a small amount of cash and a single debit card to do ATM withdrawals as required.
2 6. Use bank ATMs in well lit areas, preferably in the lobby of the bank if this option is available. Avoid free standingATMs in convenience stores and bars as they can be hacked.Always be willingto pull on the card slot of any ATMs you are about to use to look for skimming devices. If you do find a skimmer leave it and the ATM as the criminals are usuallynot far away. 7. Do not respond to unsolicited emails or phone calls which request your financial details or login passwords/ PIN. Never give out your PIN, not when called,nor when asked in person.

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exper advice

  • 1. Expert advice on protecting your money Here are some top tips from our payments week experts, based on what they do to keep their own money safe from the fraudsters. 1. Spread your risk across multiple bank accounts. Having several bankaccounts that you use for different things e.g. grocery, ATM withdrawals,online purchases,large purchases (household/ electronics).This means that if one card is compromised you dont lose all your savings.They also make it easy for you, and the banks fraud detection algorithms,to spot unusual activityon anygiven account. 2. Dont have a card that accesses your savings account. Keep a bank account reserve that is not accessible from the cards in your wallet.If this account has a card - cut it up. 3. Never put your whole wallet/purseon the contactless reader. The contactless readers used for buses and trains can read your credit/debit cards. 4. Minimise the number of onlineretailers where you enter your credit card details. There is a more detailed section on stayingsafe online comingup, however, a good simple rule is that reducingthe number of places where you reveal your credit/debit card details online also reduces yourrisk. Using an online wallet such as PayPal or Google wallet means you only put yourcredit card details into one website therebyreducing yourrisk. 5. Cash is a good way to limit your risk. Carryinga small amount of cash for incidentals allows you the leaveyour credit/debit cards safe at home. Situationssuch as a dayat the beach or a night out,carry a small amount of cash and a single debit card to do ATM withdrawals as required.
  • 2. 2 6. Use bank ATMs in well lit areas, preferably in the lobby of the bank if this option is available. Avoid free standingATMs in convenience stores and bars as they can be hacked.Always be willingto pull on the card slot of any ATMs you are about to use to look for skimming devices. If you do find a skimmer leave it and the ATM as the criminals are usuallynot far away. 7. Do not respond to unsolicited emails or phone calls which request your financial details or login passwords/ PIN. Never give out your PIN, not when called,nor when asked in person.