As forex liquidity continues to improve as a result of CBN efforts at continuous intervention in the FX market. Recent CBN’s policies have helped to close the gap between the official and parallel market, keep rates stable, and most importantly, improved forex liquidity. Banks have also been attempting to increase international patronage of their Naira cards by increasing their customers spending limits. GTbank, Firstbank and UBA are among the banks that have announced increases in international spending limits on their Naira cards.
There is however the need to know how best to protect your account online as patronage for international usage of Naira card increases.
GTbank, Firstbank and UBA have increased monthly international spending limit on POS and online to $1,000, $1,100 and $2,000 respectively while GTbank is still to allow international cash withdrawals with their Naira card, Firstbank and UBA allows cash withdrawals of $300 and $100 respectively.
Here are a few things you can do to protect your account while using your Naira card abroad or online.
1. Do not use POS in small stores
It is important that you use Point Of Sales (POS) terminal in location that are secure and not suspicious. Most identity theft via POS happens in small neighborhood store outside the country. So if you must shop in neighborhood store, go to the nearest bank ATM and get the cash needed for shopping, if you can’t the. Cash then patronize big departmental stores while shopping abroad.
2. Use your cards only on secure sites.
Another way to protect your account while using your cards online is to avoid site that are not secure. Padlock signs in the address bar shows that the site is secure but you may also need to click on the padlock to check the registration certificate and ensure it is registered to legitimate owner so the site.
Another sign of a secure site is the https instead of http in the address bar. Websites that starts with https are secured and safer that sites with http.
3. Avoid ATM in suspicious locations.
It is important to be aware of the surroundings where ATMs are located before using one. Avoid using ATM terminals outside of banking premises or in stand-alone locations such locations are prone to fraudsters who may have inserted chips to steal your card detail and eventually steal your money.
4. Ensure you monitor your accounts regularly.
Ensure your bank enroll you for online banking and email alert before you travel with you Naira card. This will allow you get up-to-date information on transaction on your account. Check to ensure debits to your account are for transactions you have consummated and inform your bank immediately if you notice any anomaly in the debits in your account.
5. Avoid suspicious emails and SMS alerts.
Your bank will not send you email without addressing it directly to you mentioning your name, most fraudulent emails are addressed generally without mentioning your name. Also avoid clicking links in email supposedly from your bank, your bank will not send you an email and direct you to click a link.
It is also important that you ignore SMS alerts that ask you to call a number for help or assistance. Your bank will not send you’re a message and direct you to call another number or send a message to a number. Please avoid responding to such request it is the style of fraudsters out to steal your money.
If you want further information, go to your bank secure website and get the information you need or call your bank from the phone number you are familiar with to know whether the email of SMS alert is from them before you act.
6. Change your passwords regularly.
To protect your account is to form the habit of changing your password regularly especially if you suspect that you may have compromised your log in details. It is also important that you avoid using the same password on multiple online channel. Avoid using passwords that can be linked to your bio data like your birthdate, spouse or children’s names and so on. Avoid writing down your password anywhere, it might be stumbled on by dubious persons. Use password that you can easily remember like and only you can guess right.
7. Sign off and close browser after your transactions
It is important that you sign off for your online banking and other website where you may have used your card and close the browser after you have completed your transaction. It is even more important when you are using a public computer. This will ensure others don’t have access to your bank details when you have finished your online transactions.
Read also: Benefits of online banking