Staying Safe
5.0 Staying Safe When Using Digital Financial Services
What Are Digital Financial Services?
Digital financial services include online banking, mobile apps, e-wallets, debit/credit card transactions, and buying financial products online.
​
5.1 Understanding Debit Cards and e-Wallets
Debit Cards
Most banks offer a debit card when you open a bank account. With a debit card, you spend only the money you’ve added to your account (savings) such as through transfers or salary deposits. Payments are deducted instantly, making it easier to track your spending and stick to a budget. There’s no interest unless you go into overdraft.
Credit Cards
To get a credit card, you’ll need to meet eligibility requirements, such as a minimum salary and a credit check. If approved, you can spend up to a set credit limit. You’ll receive a monthly bill and must repay it ideally in full to avoid interest. Failing to pay on time may result in interest or late fees. However, credit cards can offer benefits like instalment plans, cashback, and rewards.
​
5.2 How to Make Sure Your Online Transactions Are Secure
Before entering your card or bank details online, always check that the website starts with “https” and look for a security logo or certificate. These indicators mean your connection is encrypted and more secure. Avoid websites that look suspicious or lack secure indicators.
​
5.3 Password & PIN Safety
Your bank account password and PIN are personal and must be always kept confidential. Never share them, not even with friends or family, and don’t write them down where others can see. If someone else gains access, they can easily drain your money. Only you should know your login details.
Using the same password for everything puts your entire digital life at risk. One good habit is to change your passwords regularly and use different passwords for different apps or sites.
​
5.4 Public Wi-Fi is Not Safe for Online Shopping
It may be tempting to shop while connected to public Wi-Fi at cafes or malls, but public Wi-Fi is not secure. Hackers can intercept your information, even if you're using a known app. Always use mobile data or a secure private network when making financial transactions.
​
5.5 What to Do Before Buying Financial Products Online
Before signing up for a loan, insurance, or investment online, you must always ensure the provider is regulated by the relevant authorities. This means checking for licenses and avoiding unverified websites or social media accounts. Just because a deal is online doesn’t mean it’s legal or safe.
​
5.6 Why You Should Read Terms and Conditions
Reading terms and conditions may seem boring, but it’s important because they tell you your rights as a consumer. You’ll learn what you’re agreeing to, refund policies, hidden fees, and more. If there’s ever a dispute, this is where your protection comes from.
​
5.7 Oversharing your information online
Be careful what you post on social media. Your personal information can be used by scammers to impersonate you, guess your passwords, or commit identity theft. Things like your birthday, phone number, or address should never be public.
​
5.8 Preventing Financial Scams
One of the best ways to stay safe is to be very cautious when sharing financial information, even with friends. Don’t post transaction screenshots, account balances, or e-wallet QR codes online. If you get messages from unknown numbers asking for money or personal details, block and report them. Stay alert and think before you share.
​
5.9 Final Thought
Digital financial services are convenient, but they require smart and safe behaviour. Always protect your:
• Personal and financial info
• Bank access and passwords
• Decision-making, don’t rush or fall for pressure