Plastic money is here to stay; the key is to be smart

Credit card details of over 250 customers in Dubai have been stolen. Which means these customers have to get their cards replaced immediately or risk losing money. The situation would have been worse if details of debit cards had been stolen. For, debit cards are directly linked to one’s account with the potential of having all cash wiped out. The incident reopens the debate if it’s time we got back to the good old ‘cash’ society? Credit card information can be stolen from right under your nose without you even realising it until the plastic is used by the criminals. In most cases the information is not stolen directly. It can be hacked by breaching a company where you’ve used the card. Or the details can be stolen while making an online purchase. One has to be cautious of the wireless network of the smart phone while making a purchase. Enter your credit card information only when you’re on a secure network. The perpetrators can also use a skimmer to capture the credit card information because the radio frequency identification (RFID) on the card transmits bank details via its own radio signal.

It is imperative that card users follow instructions from banks to the last word. Rule No 1 is to never share details of card details and PIN number with hotel waiters, petrol station attendants, shopping mall receptionists and anyone on the Internet. In fact, refrain from sharing it with relatives and friends, too. Rule No 2 is to change the PIN numbers from time to time. Cards can be protected from RFID skimmers by wrapping them in tin foil or by keeping them in foillined wallets. Take heed of banks’ advice, though they may sound cliched. The convenience of plastic money cannot be surpassed. The key is to be overly cautious and to use it responsibly. Plastic money is here to stay. As the world moves towards a cashless society, we cannot afford to be drawn back by instances such as these. We live in a smart world with smart payment methods. The key is to be smarter and beat the thieves waiting to pounce on these cards.