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Drošība - 2020 05 08
naudas drošība | ikdienas norēķini | maksājumu karte

Protect your finances – how to improve card security

Protect your finances – how to improve card security Foto: Shutterstock

Although our security solutions provide significant protection of your finances, the customers of SEB have vast opportunities to modify card security according to their daily needs, thus preventing even the slightest risk of fraud. Moreover, changing security settings only takes a couple of minutes and is completely free of charge.

Where the card settings can be changed

You can change your card’s settings in two ways – in the mobile app or in the internet bank:

  • On the mobile app’s home screen open section “Cards”. Then choose a card and select the “Settings” tab.
  • In the internet bank’s section “Accounts/Cards” select “My cards”. Then choose a card and press the button “Change data”.

Disable unused transactions

For customer convenience, the default settings allow all types of transactions. But you probably do not need some of them. The key important types of transactions that should be adapted to everyday needs are contactless payments, online transactions and transactions abroad.

Contactless payments enable you to pay for purchases in shops by simply hovering the card close to the payment terminal. If you have a MasterCard contactless payment card, but do not use this functionality on a daily basis, we suggest that you disable it for security reasons.

For contactless payments, you can also set a purchase limit above which you will be required to enter the PIN code of the card. This will enable you to protect your money if you lose your card or if the card is stolen. For security reasons, the POS terminal will prompt you to enter the PIN code from time to time, even if the purchase amount does not exceed the limit specified by you.

You probably do not need transactions abroad while you are in Latvia and do not make payments to companies registered abroad, so you can disable this functionality. Before leaving on a trip, you will be able to enable these transactions again in the internet bank or the mobile app.

We recommend that you enable online transactions only if you do shopping on the internet. However, please note that by disabling online transactions, you will not be able to use the card to pay in third-party mobile apps, such as for parking, taxi services or food delivery. 

If you shop online often, consider ordering a separate card specifically for this purpose and transfer to it only enough money to make the purchases, and turn off online transactions for the card you use for daily payments. By using our customer plans, you can open and use a new current account for online purchases completely free of charge.

When shopping online, also pay attention to the security of the online shop. We recommend that you use only secure websites, i.e., the website name should begin with “https” and not just “http”. The most secure are such online shops, which use the “3D Secure” system and Strong Customer Authentication, which requires users to connect to the internet bank. Such shops can be identified by the MasterCard and VISA logos.


Set the allowed limits

We also recommend adjusting the allowed transaction limits according to your daily needs. The purchase limit is an amount that you will not be able to exceed during the day when paying with your card. By default, the purchase limit is set at several thousand euros, but if you make only a few purchases a day, you can reduce this limit accordingly.

The daily cash limit is the amount that can be withdrawn from an ATM with your payment card within a period of 24 hours. If you use little cash, it is recommended that you set a relatively low limit.

Payments with an Android smartphone

SEB offers Android phone owners the possibility to create a digital version of the MasterCard payment card for payments with the smartphone. This functionality is secure because digital card data is used for transactions in an encrypted form, which prevents other persons from obtaining full number of your card and making unauthorised online purchases.

For additional security, in the section “Mobile wallet” of the SEB mobile app, you can choose between two modes of smartphone payments by clicking on “Automatic payments”. In the manual mode you will be able to make a purchase by activating the SEB mobile app, but in automatic mode you will only need to unlock the phone screen.

If you pay with your smartphone, also remember about the security of the phone itself. Always use the phone screen locking feature and choose a secure password. Update your phone software regularly, and do not allow other people to use your phone. If you lose your phone or if it is stolen, contact the Customer Centre of SEB to immediately to block the cards with digital versions.

Protect your card data

One of the prerequisites for the security of a payment card is its PIN code. Never choose as simple a combination of numbers as “1234” or “0000” for your PIN code. If your PIN code is more complicated, the probability that someone will be able to crack it in 3 passes and make purchases is very low.

Writing down your PIN code on the card or keeping it on a piece of paper in your wallet, or writing it on your phone is especially risky. For security reasons, SEB does not send PIN codes in the envelope together with the new cards, but notifies of the code in the internet bank. The PIN code can be changed at a SEB’s ATM.

The PIN code may not be disclosed to other persons, including one’s relatives. In most cases, when money is allegedly lost from a customer’s account, it has been withdrawn by a relative to whom the customer had disclosed the card data.

Other information on the card, such as the card number, the expiry date, the name of the holder and the CVC code on the back of the card must be similarly safeguarded.

If the bank suspects fraudulent transactions, it may suspend the card or limit its functionality. However, the most common unpleasant surprises in customer accounts seem to be caused by their own relatives, such as children who have used the data of their parents’ cards to subscribe to various streaming services or video games.

Keep track of your finances

Each customer is responsible for reviewing the account statement at least once a month to ascertain that all listed payments have been made by him/her. If you notice a transaction in your account statement that you consider suspicious or fraudulent, click on “Dispute transaction”, and SEB will investigate and make a decision on how to proceed further.

To keep track of what is happening in your account and be able to immediately react to a fraudulent activity, we encourage you to use notifications for outgoing payments in the mobile app or the SMS bank.

Should you lose your payment card or should it be stolen, it would need to be blocked. You can do this in the mobile app, in the Internet bank, or by calling the Customer Centre of SEB.

By following these steps you can immediately improve the security of your finances. Remember that if your daily needs or requirements change, you can modify these settings in the app whenever you like.

Guntars Veidemanis

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