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Bust the money myths with Mastercard: Be a smart consumer and protect yourself from identity theft

November 25, 2016 Financial No Comments Email Email

Whilst the risk of identity theft is present, its occurrence is rare and it is easily preventable.  Indeed,consumer concerns over identity theft exceeded their actual experiences with it – while 29% of Hongkongers were concerned about falling victim to identity theft, only 4% of consumers actually experienced it, according to Mastercard Safety and Security Index

What’s disconcerting is that some are so concerned about putting themselves at risk that they’re choosing cash over electronic payment methods, believing that cash is more secure.

To allay consumer concerns, Mastercard has identified common money myths and  ‘busted’ them with the truth – check it out now!

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Myth#1: Cash is a secure payment solution

Busted!

Aside from bartering, cash is the least secure payment solution. It lacks any form of identity authentication, and is almost irretrievable if lost or stolen. Conversely, transactions made with payment cards can be tracked via bills or bank statements.

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Myth#2: I’ll never be hacked because I don’t hold valuable information

Busted!

Your computers and phones are treasure troves of personal data; your contacts log-in details, bank information, photographs and even personal messages could be valuable to hackers. Make sure all your devices are protected with strong passwords and don’t forget to update your software and web browser regularly.

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Myth#3: It’s not necessary to sign the back of my credit or debit card

Busted!

While you may not think it is necessary to sign the back of your card, consider this: why make it easier for someone else to use it? The signature provides an additional layer of identity verification when you sign a bill!

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Smart consumers are proactive, rather than reactive. While your bank and payments processor will provide you with the latest tools and solutions to protect you from fraud attacks, the responsibility of identity theft prevention lies with you.

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