READ......10 ways to protect your PIN

hehehehe....Just when you are feeling confident about building strong passwords to protect your online life comes the next security challenge: safeguarding your four-digit personal identification number.

PINs can be tricky to use safely. Their short, numerical nature makes the temptation to choose an easily guessed number such as a birthday almost irresistible, and PINs see heavy action in public in front of prying eyes at every checkout counter.

How can you keep your PIN and credit or banking cards safe and secure? www.penfed.com suggests 10 ways you can do that. These are:

• Don’t choose a PIN based on obvious, publicly searchable information such as your telephone number, birthday, address or national identity number.
• Never write your PIN number on the card itself or on anything else in your wallet.
• Never record your PIN number in your cell phone.
• Shield the keypad with your body or your other hand when entering your PIN at an ATM or store.
• Don’t let your card out of sight once you’ve handed it to a cashier.
• Be aware of your surroundings when you’re using an ATM, especially if anyone seems to be standing too close for comfort. If you feel uneasy, cancel your transaction and go to another location.
• Verify that the ATM you’re using has completed your transaction and closed your account before leaving; and make sure to take your card and receipt with you.
• Never allow a bank or merchant employee to enter your PIN, even if they are helping troubleshoot a problem.
• Don’t give your PIN number to anyone, even your banker or store representatives, who are assisting you with an issue.
• Beware of emails that ask for or require you to list your PIN, even if they appear to come from PenFed, the merchant associated with your card. If you’re suspicious, contact the institution independently, without clicking on or replying to that email.

Four tips for protecting your account

• Cover your password with your hand

Hidden cameras are disguised so they can pick up your password. By protecting it, ATM thieves can’t access your account, according to bankrate.com.

• Use familiar ATMs and limit your visits

The ATMs in dimly lighted spots or those used late at night can be more susceptible to fraud, while ATMs under video surveillance can be safer. Stay away from ATMs at retail stores or restaurants, advicesSiciliano. Recently, skimming devices were found on ATMs in a popular grocery store in central Florida.

In Nigeria, skimming devices were found on some ATMs in Lekki and Ikoyi axis of Lagos. Airports, convenience stores and kiosks are equally vulnerable to ATM thieves. Even highly trafficked ATMs outside a bank branch have been targeted by thieves.

So, try to limit your visits to the ATM. “With frequency, there’s risk,” says Siciliano.

• Check account balances frequently

Given the two-day window for reporting fraud, it pays to check your account frequently. If you don’t report fraud within 60 days, you have unlimited liability. “Sign up for alerts and notice unusual withdrawals,” Vamosi suggests.

With credit cards, there is more protection in place, and you can dispute charges.”You have at least a billing cycle,” says Siciliano.

• Observe the ATM

Vamosiadvises customers to look at an ATM well to make sure that the card slot is “legitimate and not tacked on.” Look for things that strike you, he says. “Some people have felt that when they inserted their cards, something went awry,” he says. In that case, try another ATM. Protecting your account against ATM thieves “is all about awareness, paying attention and understanding risks,” says Sicilano.

• Source: shutterstock.com
•  
•  
•  
  
  The emergence of digital banking has come with terms such as passwords and Personal Identification Numbers. In fact, financial technology and digital banking experts believe that passwords and PINs remain the bedrock of digital or electronic banking.
  On Wednesday, we considered how you could protect your bank account from scammers. We examined various tips for doing this. This is why today’s article is a follow up to that.
  Safeguarding your identity in digital banking is tantamount to protecting your money or wealth. Protecting your identity on Internet banking platforms and the world of digital banking in general is a must.
  Your four-digit PIN for your debit card on online shopping sites, passwords on Internet banking platforms and other sites, and your debit card data are key to your life and financial resources.
  The Automated Teller Machines and Internet banking platforms are under siege more than ever before from skimming. Skimming, where ATM thieves steal your PIN and account number using remote devices, is increasing dramatically. Often done by sophisticated crime rings, ATM skimming is becoming a high-tech art that’s hard to detect.
  That’s bad news for consumers. Experts say that losses from skimming are approaching $1bn globally. Nearly one in five fraud victims reported having their credit card PIN or debit card PIN information stolen in 2009, according to Javelin Strategy & Research. Robert Vamosi, an analyst handling risk, fraud and security at Javelin, sees the ATM skimming continuing to rise this year and the next, according to www.bankrate.com.
  Skimming isn’t new. It’s been around for at least 15 years. What has changed is that the “technology of the bad guy is getting better and better every year,” says Robert Siciliano, a security expert based in Boston, United States. “It’s up to consumers to watch their own backs.”
  Typically, ATM thieves use two devices to capture your PIN and card data. One device sits near where you swipe your card and reads the magnetic stripe on your card with your account number. Even more confusing, the device mimics the card slot. “The technology has evolved to a point where the moulded plastic fits like it belongs there,” says Siciliano. Devices are even readily available over the Internet for as little as $300.
  A camera, hidden from view, captures the PIN. “You can get the data in real time,” says Siciliano. “You can be in your car with a laptop remotely accessing the device.”
  Thieves then burn the data onto a blank card to access your money.
  The US Secret Service spokesman, Max Milien, wants consumers to be warned. “The public is notified after an event,” he says. And don’t take bank security for granted. Fraud can occur at any bank in any part of the country. Thieves are even sending out false text alerts to get consumer data.
  In Nigeria, the Economic and Financial Crimes Commission has given several of such warnings. This is why the Central Bank of Nigeria is collaborating with the EFCC to address e-frauds committed with debit and credit cards issued by Nigerian banks.
  Banks, they say, are slow to adopt anti-skimming measures. Experts add that debit card users are most at risk. Typically, consumers must report fraudulent charges within two days, limiting your liability to $50. If you report ATM skimming fraud within 60 days, you’re liable for the first $500 of any transaction. Siciliano adds that thieves carefully orchestrate ATM withdrawals, maxing out cash withdrawals one day and waiting until after midnight for the next stash, which quickly adds up.