Friday, January 1, 2016

How to Protect Your Hard Earned Money

This tip can provide more security to your hard earned money.

World is evolving. Currency became digital. You may be carrying credit/debit card in your wallet which may have huge balance.

You are not sure whether ATM dispense machines are foolproof or not. Skimmers are attached which can stole your card data and can be used to make a clone of your debit card.

Online shopping site to whom you allowed to store your card data may not be trusted. Changes are there your card can be misused in future.

Remember physical card is not at all necessary to make a successful transaction. Data present on the card is enough to withdraw money.

So what is the solution?

We cannot discourage digital currency and go back to physical notes. But here is a hack.

Maintain Net banking facility with your main bank account. Now open another account in some other bank and apply for ATM. This should be treated as secondary ATM card or shopping ATM.

Place your main ATM card safely in your locker. Use it rarely. Don't carry it in your wallet. Never do online shopping via this main card. This is having main balance (may be huge), so avoid transactions via this card.

Now transfer money in your secondary bank account via net banking according to your need. That means secondary ATM card should be refilled only when the need arises so that in case of any fraud, the loss is minimum or nil. Use this in online shopping as well as at physical cash dispensers.

Sleep with a peace of mind without worrying about your hard earned money.

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