With the increasing preference for online retail and the greater adoption of cashless transactions becoming more common in the Philippines, the risk of identity theft and fraudulent card charges has also grown. Cybercriminals continuously develop new tactics to steal people’s personal information and make unauthorized transactions using their victims’ financial accounts.
Identity theft occurs when someone illegally obtains and uses your personal or financial information without your consent. When fraudsters get a hold of your name, credit card details, or bank account number, they can use the stolen data to make purchases or withdraw money in your name. In more severe cases, they may open new credit accounts or apply for loans while impersonating you, potentially damaging your financial reputation and credit standing. This is why it’s crucial to safeguard your personal data and prevent fraud before it happens.
The good news is that there are preventive measures you can take to protect yourself. Here are some essential tips to keep your personal and financial data safe.
1. Choose the Right Card
The first step to protecting yourself and your finances is to use a credit card that is well-known for its robust security features. As one of the most secure credit cards available in the Philippines today, the Landers Cashback Everywhere Credit Card by Maya allows you to assign daily spending limits to different types of credit card transactions on the Maya app. This includes your daily spending limit, foreign transactions, online payments, and more, ensuring that even if your card details fall into the wrong hands, unauthorized users will be significantly restricted in how much they can spend. To access and manage your spending limits, simply log in to your Maya account and go to Cards. Select your credit card and tap the gauge icon to open the Limits and Controls screen. From here, you can set a limit to any form of transaction to give you greater control over your finances.
2. Ensure Your Online Credit Card Transactions Are Secure
Another strategy you can adopt is to ensure secure online credit card transactions whenever you use your card. This involves always checking if the website you’re shopping on is legitimate. One way is by always double checking the URL for any misspellings or unusual characters, and also by looking for the HTTPS prefix in the URL and a padlock symbol in the address bar. The HTTPS protocol means that the website has encryption in place to protect your data.
It’s also a good idea to use your credit card’s virtual card option, if it’s available, for online transactions, which you can do with the Landers Cashback Everywhere Credit Card. And to further protect your financial details, you can also use this card’s dynamic CVV feature to make online payments. Aside from the permanent CVV printed on the back of your credit card, you can access a dynamic CVV on the Maya app if you don't want to enter your permanent CVV. Keep in mind that the dynamic CVV is only valid for 24 hours, and a new number is generated every time the card details are accessed in the app.
3. Be Aware of Phishing Attempts
Phishing is one of the most common methods fraudsters use to steal sensitive information. It involves fake emails, messages, or calls that appear to be from legitimate sources, such as your bank or popular organizations. These fraudulent messages often ask you to click on a link, verify your account, or provide personal information.
To protect yourself, always scrutinize messages or emails from unfamiliar senders that request sensitive details. Remember, banks and financial institutions will never ask for your PIN or password via text, email, or phone call. If you receive such requests, treat them as red flags and avoid divulging any information. Instead, contact your bank directly through official customer service hotlines or emails to verify if the request is legitimate.
4. Refrain from Sharing Too Much Information on Social Media
Social media is a common place where people unintentionally expose too much personal information, making it easier for fraudsters to steal identities. Many scammers monitor public profiles to gather details they can use to impersonate victims or gain access to their financial accounts.
To protect yourself, be mindful of the information you share. Avoid posting details such as your full name, birthdate, phone number, home address, or even travel plans. These details can be used to answer security questions or bypass authentication measures.
Another important factor in how to ensure safe transactions is limiting who can see your posts. Consider adjusting your privacy settings so that only trusted friends and family can view your personal information. Also avoid accepting friend requests from strangers, as cybercriminals often create fake accounts to gather data.
5. Regularly Check Your Bank Statements and Transactions
Many fraudulent transactions go unnoticed because people fail to review their bank or credit card statements regularly. While small unauthorized charges might seem insignificant at first, they can indicate that your account has been compromised. As such, make it a habit to review your bank and credit card statements every month to check for any suspicious transactions. If you see any unauthorized charges, report them immediately to your bank so they can investigate and take action. With the Maya app, in particular, you quickly check your account balance, freeze your card if needed, and report any fraudulent activity through the in-app support feature.
6. Know How to Report a Lost or Stolen Card
Finally, knowing what to do when you lose your credit or debit card can prevent unauthorized transactions. For a stolen or lost Maya credit card, block it immediately and order a replacement using the Maya app. Simply log in to your Maya app and go to Card to select your credit card. Then, tap the gear icon to open the Card settings screen. Select Card Security, then Replace This Card. Make sure to also select I Lost My Card or My Card Got Stolen as the reason for replacement. Once your card is blocked, order a new card to get a replacement in the app. Take note that card replacement fees may apply.
Identity theft and fraudulent card transactions are real threats in today's digital world, but taking proactive measures can help you stay protected. If something feels suspicious, verify directly with your bank before taking any action. Moreover, be vigilant and practice good security habits. This way you can enjoy the convenience of digital banking and cashless payments with peace of mind.
