As financial technology advances, so do the associated risks. Recent increases in smartphone malware, phishing and online fraud have affected the region, including Brunei Darussalam.
To counter these threats, financial institutions are improving their systems. Still, protecting personal data and devices is essential.
Collaboration between consumers and institutions is key to building a strong defense against theft and loss. This four-part series by the Brunei Darussalam Central Bank offers tips on responsible online financial behavior, starting with protecting personal data.
Secure your personal data
Protecting your personal data is more important than ever.
Personal data refers to information that can be used for identification or verification purposes, such as your full name, date of birth, identity card number, telephone number, residential address and email address.
Here are some essential tips to help you protect your personal information.
Verify authenticity
Always verify that any call claiming to be from your bank is legitimate by contacting your bank through their official communication channels. Scammers often pose as bank representatives to steal your personal information.
Keep personal information private
Never disclose your personal information over the phone or on social media. Such information can be used for identity theft.
Also, avoid sharing personal details and images on social media that could allow malicious individuals to learn more about you and access your personal data without your permission.
Secure sensitive information
Other types of information that you should always keep secure to prevent unauthorized access or misuse include:
Bank account numbers: Keep them confidential to avoid unauthorized transactions.
Credit or debit card details: This includes the card number, expiry date and CVV code. Sharing it can lead to financial fraud.
Internet or Mobile Banking Credentials: Your username and password must be kept secure to protect your online banking activities.
Online shopping and e-wallet accounts: Ensure the security of your login details to prevent unauthorized purchases.
Itineraries and boarding passes: Bar codes on boarding passes can reveal personal information.
Receipts or invoices with QR codes: These may also contain sensitive information.
Shipping labels for online purchases: Protect them to prevent identity theft. Names of immediate family members: Sharing this information can make it easier for scammers to trick you.
The risks of sharing access
Did you know that sharing access to your mobile phone number, bank account or debit card with someone else could unknowingly involve you in illegal activities?
You can be charged with assisting money laundering, which is a criminal offense under Section 3 of the Criminal Assets Recovery Order (CARO), 2012.
If found guilty, you can be fined up to BND500,000 or imprisoned for a term of up to 10 years. So be careful and never give away your personal information to someone you don’t know and trust.
Protection of physical items
In today’s interconnected world, both digital and physical assets are susceptible to malicious threats. Ensuring the security of physical items containing sensitive information is essential to protecting your financial well-being.
Here are some critical items to protect and best practices to keep them safe.
Bank account passbooks contain important financial details that need to be kept safe. These documents are essential for tracking your account activity and balances, making them a target for theft or misuse.
Credit and debit cards must be protected to prevent unauthorized access and fraudulent transactions. Keep these cards in a safe place and monitor your account statements regularly for any suspicious activity.
Electronic devices such as mobile phones, tablets, laptops and any other devices used for financial transactions must be secured against data breaches.
Make sure these devices are password protected, and regularly update their security software to protect against malware and hacking attempts.
Credentials issued by your bank for secure account access should also be kept in a safe place. These devices provide an additional layer of security for your online banking activities and should be handled with the same care as your other financial instruments.
Best practices
Properly dispose of and destroy documents containing sensitive financial information, such as bank statements, receipts, expired credit and debit cards, and shipping labels. Shredding these documents ensures that they cannot be reconstructed and misused.
Never leave physical items containing sensitive information unattended, even briefly. Always keep these items with you or store them in a safe place to prevent theft or unauthorized access.
Stay tuned for the next article in this series, where we’ll share more tips and advice for protecting yourself online! – BRUNEI DARUSSALAM CENTRAL BANK
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