The convenience of credit cards has become a defining feature of modern Filipino consumer culture, but with this ease of use comes a growing concern: the risk of crimes like credit card fraud and identity theft. As more transactions shift online and into contactless payments, consumers find themselves increasingly vulnerable to sophisticated cyber threats. That’s why following safe credit card handling practices, such as regularly monitoring your statements, using secure online credit card transactions, and safeguarding your card details, minimizes your risk of fraud and losing your hard-earned money.
Apart from adopting these precautionary measures, understanding your credit card’s security features also helps in protecting your personal and financial information. When you know the purpose and function of each feature, you’ll be able to make informed decisions about your card usage and respond quickly to any suspicious activity. Let’s take a look at the common security measures found in credit cards and how they improve your credit card security:
Credit Card PINs
A personal identification number (PIN) is a numeric code used as a layer of security for credit card transactions, particularly with chip-and-PIN systems. When a cardholder makes a purchase with a merchant or withdraws cash at an ATM, the system requires the user to enter their PIN to verify their identity. PINs typically consist of six digits and are unique to each cardholder. The idea behind this feature is simple: even if a criminal steals a credit card physically, they can’t complete certain transactions without knowing the correct PIN. Take note, however, that not all merchants may require a PIN from users when processing card transactions.
EMV Chips
EMV chips—”EMV” being short for Europay, MasterCard, and Visa, the companies that created this technology and standard—are small, embedded microchips in modern payment cards, like the Landers Cashback Everywhere Credit Card by Maya. These chips offer more security than traditional magnetic stripes because unlike the static data stored in a magnetic stripe, which can be easily copied and reused by fraudsters, EMV chips create unique transaction codes for each purchase. When a card is inserted into a payment terminal, the chip communicates with the bank to generate a one-time code that authenticates the transaction. This dynamic nature of EMV technology makes it extremely difficult for hackers to clone a card or execute unauthorized transactions.
Dynamic CVVs
A dynamic card verification value (CVV) is an advanced security feature designed to enhance protection during online transactions. Unlike traditional CVVs, which are the static three- or four-digit numbers printed on the back of credit cards, dynamic CVVs change periodically. They’re often randomly generated by a mobile banking app, requiring users to access their accounts to receive their dynamic CVVs. With this process, it’s much harder for hackers to use the card information for fraudulent activities. Even if a hacker manages to steal an old dynamic CVV, the information becomes useless after the code changes, reducing the window of opportunity for cybercriminals to commit fraud.
One such credit card that has this feature is the Landers Cashback Everywhere Credit Card. The dynamic CVV is only valid for 24 hours, and a new number is generated every time the card details are accessed in the app. This makes it it the safest credit card you can use for online transactions. For added security, we advise you to order a new credit card ASAP in the event your current Landers Cashback Everywhere Credit Card becomes compromised. To do this, simply log in to your Maya account and follow these steps:
1 Go to "Cards" and select your credit card
- Tap the gear icon to open your card settings
- Select "Card Security" then "Replace This Card"
- Select a reason
- Once your card is canceled, you can tap "Order a New Card" to get a replacement
Card replacement fees may apply.
From there, please contact the following for assistance:
- 24/7 in-app support
- +632 8845 7788
- 1800 1084 57788 toll-free
Two-Factor Authentication (2FA)
Two-factor authentication (2FA) is a security mechanism that requires cardholders to provide two forms of identification before completing a transaction. This typically involves something the user knows (like a password or PIN) and something the user has (such as a one-time code sent to their mobile device). By requiring a second form of verification, 2FA adds a robust layer of security that goes beyond just entering card details.
2FA protects cardholders by making it much harder for hackers to complete transactions, even if they have access to the card number, expiration date, and CVV. For example, when making an online purchase, the cardholder might receive a one-time password (OTP) on their phone that they must enter to finalize the transaction. Without access to the cardholder’s phone, a fraudster cannot complete the purchase.
Transaction Limits
Transaction limits are pre-set caps that limit the amount a cardholder can spend within a certain period or per transaction. These limits are often enforced by the cardholder through their bank’s mobile app or website. By restricting how much money can be spent or withdrawn from the card, cardholders can minimize the damage that fraudsters can do if they gain access to a card. For instance, if a hacker attempts to make a large purchase or withdraw a significant sum of money, the transaction will be declined if it exceeds the set limit.
However, setting a high transaction limit won’t completely protect you from fraud, as fraudsters may eventually figure out your maximum limit. This will enable them to shift their tactics and make purchases that are below your threshold. Therefore, in case your card is lost, stolen, or hacked, report the incident immediately to your credit card issuer and have it deactivated to cease all possible unauthorized transactions.
Being more knowledgeable about the various security features of credit cards is essential for learning how to ensure safe transactions, whether they’re made online or in-store. This will also enable you to take proactive steps to secure your financial and personal data, ultimately protecting you from fraud.
