We are increasingly moving from brick and mortar banking to mobile and online banking. Unfortunately hackers and cyber criminals are keeping stride.
In 2012, the UAE faced as many as 5.1 million cyber-crimes that led to losses of around USD 420 million, according to Symantec. The need for enhanced cyber security cannot be undermined.
Against this backdrop, banks are taking many steps to keep your money more secure. These include:
Chip and PIN cards
Currently most UAE banks are replacing your credit and debit cards to migrate to the chip and pin technology. While it could be a bit of a cumbersome process of receiving and activating the cards, these banks have moved one notch higher in keeping your financial data secure. Chip and pin credit cards make it mandatory for the card owners to input their pins at the vendors’ terminal, eliminating the possibility of someone stealing your card and making transactions.
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One-time pass code
For every online or mobile transaction that you make, banks require you to input a security pass code that is delivered to your registered mobile or email. The passcode intimates banks that the transaction is genuine. Depending on the bank, it is usually numeric containing 4-8 digits.
Card Verification Value (CVV) on your credit card or debit card is a three digit number on VISA® and MasterCard® cards. Located on the back of the card, the CVV intimates banks that you actually have the physical credit or debit card with you.
A four digit number that is keyed-in at an ATM, giving you access to your financial data and to withdraw money. The PIN confirms that the user is indeed the owner.
Indicates to the bank that the person making the transaction is indeed the card owner. Usually a four to six digit number, the TPIN is manually set when activating tele-banking services. The number is unknown to bank employees too.
Used in combination, these technologies help prevent cybercrime and secure your finances. However, vigilance is not the sole responsibility of banks. On your part, you must make sure to:
- Never share your PIN/TPIN with anyone, including bank employees, specially not on SMS.
- Refrain from using the same PIN/TPIN or passwords for different banks.
- Never keep your email associated with banks logged in on your mobile/laptop.
- Secure your mobile/laptops with antivirus and screen locks.
- When using the PIN at ATMs or vendor terminals, hide the keypad while entering your PIN.
Find out which are the top scams you should keep your bank account safe from.