Payment Card Security: Everything You Need to Know
Nothing can be more frustrating than having your personal or financial data exposed, stolen, or used without authorization. Unfortunately, payment information such as card data is a popular target.
But payment cards (whether credit or debit) carry a lot of information - how do you know what is the most sensitive one and how do you keep it safe?
Continue reading below to learn everything you need to know about card security.
What types of payment cards exist?
First things first. What type of payment cards exist and are they any different when it comes to security?
Credit vs Debit cards
Credit and debit cards are the most popular payment method around the world. When it comes to security in online payments, credit cards are preferred. You can learn more about these different types of cards here.
Corporate vs Personal cards
Corporate or business cards are issued to employees of companies in order for them to make business expenses. A personal card is a card issued to you for your exclusive, personal use.
These are physical cards that only display the cardholder’s name, while all other information (card number, expiry date, etc) is only shown in your bank’s mobile app. This is a newer approach that adds an extra layer of security in cases of lost or stolen cards.
What information does a card contain?
Traditionally, physical payment cards contain the following information:
- Cardholder name
- Company name (in the case of business cards)
- 16-digit card number
- Expiration date (month / year)
- CVV/CVC (3 digits)
What is sensitive information on a payment card?
You need to protect all your card information at all times. However, taken in isolation, a single piece of information from your card cannot be used to make purchases or payments using your card.
Here’s how card information can be used:
- Cardholder name: cannot be used alone to complete any type of transactions or obtain any other card details;
- Card number: cannot be used alone to make payments or transactions;
- Expiration date: together with the card number and CVV/CVC code, confirms payments or transactions;
- CVV/CVC: together with the card number and expiration date, confirms payments or transactions.
If you are in doubt whenever a merchant or service requires all your card information, never enter your card expiry date and CVV code. Here is also more on how to recognize and avoid online fraud.
What card data can I share and when?
Sharing your cardholder name and card number does not pose a security concern, since this information alone cannot be used to carry out card transactions.
If you wish to receive money using a card-to-card money transfer service, it is generally safe to share your card number.
With Fin.do, you can receive money securely to any type of card. You only need to give your recipient your 16-digit card number, with no other information.
When you create a Fin.do account, you can securely add your card to Fin.do and receive money without sharing your card number with anyone. In this case, senders only need your phone number in order to send you funds.
How to keep my card information safe?
You can protect your payment card information by following a few simple principles.
- Never share sensitive card information like your card expiration date or CVV/CVC code with anyone.
- Do not leave your card with other people.
- Use 3D Secure when making online payments. Most merchants and payment services now use 3DS to add extra security to your transactions. You can read more about 3DS verification here.
- Never leave your card out of sight, especially in crowded places.
Hope this guide was helpful. You can learn more about our security measures at Fin.do here.
Safe transfers! 🛡️