Credit cards and online banking have made managing money more convenient than ever. From paying bills through mobile apps to shopping on e-commerce platforms, transactions can be completed in just a few taps on one’s mobile device. Yet, as more people embrace modern financial tools in their daily routines, certain assumptions have also taken root.

Some of these ideas come from habits formed during the early days of digital banking. Over time, they’ve evolved into persistent myths that many still believe today. The problem is that these myths can sometimes create a false sense of security, leading people to take risks without realizing how easily cybercriminals can exploit them.

To avoid putting yourself at risk, take the time to question these unfounded beliefs and consider whether they’re truly worth believing. Let’s break down some of the most common ones.

Myth No. 1: It’s Okay to Wait Before Reporting a Lost or Stolen Credit Card

Some cardholders choose to wait before reporting a missing card, thinking it might still turn up in a misplaced wallet or bag. While it’s practical to take a moment to look for it if you believe you just misplaced it, delaying the reporting for too long can be a costly mistake. Fraudsters can make unauthorized transactions within minutes of obtaining your card, and the longer it remains active, the greater the risk to your finances.

The safest approach is to inform your bank immediately once you notice your card is missing. Many traditional and digital banks have 24/7 customer support precisely for emergencies like this, and a quick report can ensure your card is blocked before any damage is done. With other digibanks, you can freeze or block the card yourself through the app. For a lost Maya credit card, for example, you simply have to follow these steps:

Go to Cards and select your credit card
Tap the snowflake icon
Tap Freeze Card

From there, you can cancel your card and buy a replacement. Simply follow these steps:

Go to Cards and select your credit card
Tap the gear icon to open your card settings
Select Card Security, then continue with your password
Select Permanently Block Card, choose I lost my card, then click Confirm
Once your card is canceled, tap Order a New Card to buy a replacement (subject to card replacement fee).

Myth No. 2: It’s Perfectly Fine to Save Your Credit Card Details on Online Shopping Sites and Apps for Convenience

Many people save their card details in their favorite shopping apps or websites to make checkouts faster. Indeed, this is very convenient, but it often comes at the cost of security. If your account is hacked or the platform experiences a data breach, cybercriminals could gain access to your stored card information and use it for unauthorized purchases.

Instead of relying on stored details, it is safer to enter your card information each time you make a purchase. If your banks offer a dynamic CVV feature for the credit cards they issue, also take advantage of it because it makes it much harder for fraudsters to reuse stolen card details. In the case of the Landers Cashback Everywhere Credit Card, its dynamic CVV changes every 24 hours or every time the card details are accessed through the Maya app. This serves as an added layer of protection for your online transactions.

Myth No. 3: Public Wi-Fi Is Safe Enough to Use for Banking Transactions

Many people believe that as long as they keep their banking passwords to themselves, using public Wi-Fi in cafés, malls, or airports is safe. Unfortunately, unsecured public networks are prime hunting grounds for hackers, who can intercept your connection and capture sensitive data such as your login credentials or card details.

A much safer alternative is to use mobile data or connect only to secure, private networks when accessing your bank account. If you must connect through public Wi-Fi, using a reputable virtual private network (VPN) can help encrypt data from your device and make it harder for cybercriminals to monitor your online activity.

Myth No. 4: Strong Passwords Are Enough to Keep Your Online Banking Safe

Strong passwords are essential, but they are not an impenetrable shield. Phishing scams, malware infections, and data leaks can still expose even the most complex passwords. Moreover, reusing the same password across multiple accounts increases the risk that one breach could compromise several services at once.

A more effective approach is to combine a strong, unique password with two-factor authentication (2FA). Most secure credit cards come with this security feature, which requires a second form of verification before granting access. Verification includes a one-time password (OTP) sent to your mobile number or biometric authentication, like a fingerprint or face scan. This extra step makes it significantly harder for unauthorized users to log in, even if they somehow obtain your password.

Myth No. 5: OTPs Guarantee Complete Protection from Fraud

Many users believe that as long as they never share their one-time password (OTP), their credit card or online banking accounts are fully secure.

While OTPs do add an important layer of protection, they are not foolproof. After all, not all transactions require OTP verification, especially with certain merchants or recurring payments. Some international websites or subscription services process payments using saved card credentials without prompting for additional authentication. This means that if your card details are compromised, unauthorized transactions can still occur even without an OTP being entered.

To ensure secure online credit card transactions, monitor your transaction alerts regularly and review your statements for suspicious charges. If you spot any unfamiliar activity, report it immediately to your bank or card issuer.

Myth No. 6: Scammers Need Your Physical Card or CVV to Commit Fraud

It’s a common misconception that fraudsters can’t use your credit card without either stealing it or knowing its full details, including the CVV. However, many cases of “card-not-present” fraud prove otherwise.

Cybercriminals can exploit vulnerabilities in online payment systems or data breaches to obtain partial information, such as your card number and expiry date, which can sometimes be enough to process unauthorized charges on certain websites or platforms. And as already mentioned, in some cases, merchants do not require CVVs for recurring or tokenized payments, giving fraudsters more opportunities to misuse your account.

To protect yourself, avoid sharing card details through unsecured channels, regularly update your passwords, and use virtual cards or cards with dynamic CVV features whenever available.

Myth No. 7: Phishing Scams Are Easy to Spot

Many people think they can easily identify phishing emails, texts, or messages, but scammers have become increasingly sophisticated, and their messages often look nearly identical to those from legitimate banks, credit card companies, or online merchants. They may use official logos, correct formatting, and even realistic sender addresses, which can make it hard to tell what’s real and what’s fake.

But the reality is phishing attacks are not always obvious, and if you click a malicious link or enter your login credentials, hackers can gain immediate access to your accounts. To protect yourself and ensure secure online credit card transactions, always verify sender information and compare it to official sources. Avoid clicking links in unsolicited messages by opening apps or typing URLs manually. You should also enable transaction alerts and notifications so that you can spot unusual activity quickly.

The security of your credit card and online banking accounts depends on the safeguards provided by your bank and card issuer, as well as your own awareness and habits. In an age where scams can happen in seconds, staying informed, questioning common beliefs, and practicing caution in every transaction are your best defenses. More importantly, making security a daily habit protects your money and preserves your peace of mind.