I threw a curious look as if asking if the manager was wanting something more to be served when the bill had already been presented. To this, he meekly revealed that he shared his card PIN with the waiter so that he wouldn’t have to get up and go up to the billing counter and make the payment by punching the PIN himself. I was aghast at his admission!

It is natural to feel lazy after a heavy meal at a fancy restaurant, heavy enough to not get up from the seat and walk up to the billing counter to pay the bill. But sharing your card PIN is not just an insecure practice, it may also be in violation of the cardholders agreement that you have in place with the Bank that issued you this Card.

Remember these tips when making a payment at Find-dining Restaurants and Fastfood Chains alike

1. Never share your Card PIN
2. Ask for the waiter to bring the POS machine to your dining table and discretely enter your PIN after verifying that the amount is correct
3. If the restaurant does not have a portable POS machine, walk up to the billing counter and punch your PIN there
4. Keep an eye on the Card and never let it out of sight (some restaurant staff have known to mischievous and compromise card data in the past investigations)
5. If your Card is contactless and the bill amount is within limits, pay through contactless (that way, you won’t have to enter any PIN and no chance of eavesdropping)

Remember: Protecting your sensitive data is in your own interest and first step towards fighting cyber crimes.

Something happened on November 8th, 2016 that changed the face of commerce forever in India. That day, the Prime Minister of India demonetized all the ₹500 and ₹1000 currency notes that were in circulation. A nation that was so habituated with currency notes for every small and large transaction suddenly felt handicapped. For months together, there were long queues in front of Banks and ATMs to surrender old currency notes and withdraw new notes. Since the currency was not being disbursed at the rate at which trade happened, many things happened

Kids were compelled to break their piggy banks to bring into circulation the notes and coins they had saved for perpetuity. Cash tucked away in empty pickle jars and Dal dabbas by housewives brought out a curry trail when they were put back in circulation. Senior citizens who had spare currency notes deposited them into banks so as to bring them into circulation. Months of brouhaha and a field day for media and politicians alike.

But most importantly, the ordeal that ensued for months paved way for a New India – an India where you didn’t have to use Cash, you didn’t even have to use Credit Cards or Debit Cards. You just used your smartphone to pay ₹5 for a toffee, pay ₹50 for a cup of coffee at a café and pay ₹50,000 to buy a piece of jewelry or that fancy electronic gadget you always wanted.

These ordeals are what we will address in a series of articles so stay with us.

However, without taking chances, prepare yourself for the dreaded day when you might loose by following these simple steps today:

1. Know what you own

In present day and time, it is unimaginable that we have only one card. Experts advice up to 4 bank accounts for better personal financial management, however working professionals tend to have at least 2 bank accounts. And multiple accounts mean multiple debit cards. Apart from this, many individuals also have one or more credit cards. The more disciplined ones have different cards for different purposes – groceries, restaurants, big ticket items (gold, jewelry, electronics & appliances, furniture, home decor, travel/vacations, etc.) and carry them along in the wallet based on where they are heading.

It is natural to loose track of how many cards you own. Hence, it is important that you keep a track of what you own.

2. Document what you possess

Depending on how disciplined you are, you might want to write down the following information pertaining to each card you possess. This will help when you have to report lost/stolen cards to your Bank.

1. The Card Number printed on the card front
2. The Expiry Date printed on the card front
3. The Customer Care Phone Number of the Issuing Bank printed behind the card

But wait! Aren’t we not supposed to write this sensitive information? Yes, you should not let this information be written on a piece of paper lying around in the house. You should note it down in a diary and keep it safely under lock and key away from prying eyes.

3. Report what is lost/stolen

Open your mobile phone and save the Customer Care phone number for each card in your address book right away. If/when you loose the card(s), you should call the customer care phone number immediately and report the card as lost/stolen. Time is of essence here as the lost card might fall into hands of some scrupulous element and you might see fraudulent activity happening even before you blink.

If your Bank has integrated their backend systems

When you call the customer care phone number, fortunately most of the banks have integrated their backend systems and just by providing your phone number and minimum KYC, they can pull your card records and place a hold on all transactions on your card. This will immediately prevent any fraudulent activity.

If your Bank’s backend systems are not integrated

In case your Bank does not have the backend systems integrated and require you to provide the Card number and other details to carry out KYC, the notes you have made (see point #2 above) will come in handy.

In present day where Cards are not a luxury but a necessity, it is important to safeguard them and prepare for any eventuality.

Tell us how you would protect your cards, share your tips-and-tricks with us using the comments section below.