The 5 Financial Secrets You Should Never Reveal

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Sharing is great but here are five things you shouldn’t share with your spouse or children.

When we spend time with children words of wisdom such as “it is good to give” and “sharing is caring” are often mentioned. We love to share with them whether it’s lunch sweets or toys–sharing can bring joy. Although this may seem true in some cases it is not always true when it comes information about your finances. While sharing can have its benefits there are five things that you shouldn’t share with anyone even your spouse or children.

Card Details: The card clearly displays information such as the expiry date number and full name. While most people will know your name you are not allowed to share any other information on the card. It is there to be used by you and not for anyone else. These details are required to conduct online transactions. This information is the first layer of security. It is impossible to misuse your card without it. These details should be kept confidential and not divulged to anyone unauthorised.

CVV: Each debit and credit card comes with a card verification number or unicvv number printed on the reverse. This number is essential for online transactions.

This information is also clearly printed on your card and should be kept confidential.

Passwords: You know that online transactions cannot be completed if you don’t have confidential information such as your card details customer identification number and password. Other details such as your card number and password may have been compromised but the passwords are completely yours. It is important not to tell anyone about it. Also, make sure to change passwords regularly just in case.

PIN: To withdraw money or complete transactions at ATMs or merchant establishments personal identification numbers (PINs) are required. It is a secret number that provides vital security features. It is a secret number that you should never share. Also, be cautious when using it at PoS machines and ATMs to make sure nobody is watching to steal it.

OTP: One time passwords (OTP) a new second-factor authentication tool make online transactions safer. An OTP is generated when you buy anything online with your card net banking or your e-wallet. It is usually sent to your registered number. This level is only applicable if you have cleared all security hurdles.

This is your last defense in case your confidential data is compromised. If you share your OTP with another person it may be used to remove thousands from your account instead of the Rs500 debit that you might be expecting.

Always be suspicious of anyone who asks you for it. You will never get it from your bank or financial services provider.