The 5 financial secrets you should never reveal (2024)

FAQs

What card details should I not give out? ›

Protecting against credit card scams

Guard your details: Never give out or write down your bank details or PIN. And if someone asks for your PIN, whether over the phone, via email, or in person, it's a red flag.

Don't share your personal information like Debit card details/PIN/CVV/OTP/Card Expiry Date/UPI PIN, over phone mails/e mail/SMS to anyone even though some one pretending to be bank officials. Your bank never asks for such details to customers. Don't click on unknown links sent to you through SMS/emails.

They know how to spend money in the right way

They understand that frivolous spending will only lead to short-term satisfaction and long-term financial troubles. Instead, wealthy people prioritize their expenses and focus on investing their money in smart and profitable ways.

With the ability to track and lock your phone, as well as delete its data, mobile pay can be more secure than physical cash, and at least equally secure as a physical credit or debit card.

Pay your balance every month

Paying the balance in full has great benefits. If you wait to pay the balance or only make the minimum payment it accrues interest. If you let this continue it can potentially get out of hand and lead to debt. Missing a payment can not only accrue interest but hurt your credit score.

If a fraudster knows your routing number they can easily tell which financial institution your funds are at, putting you at risk of phishing attempts. If a criminal has both your routing number and account number they can potentially steal money from your account through fraudulent ACH transfers and payments.

Can someone withdraw money from my account with an account number? ›

Your bank account number alone is not enough for someone to withdraw money from your account. Scammers can use your bank account and routing number to commit ACH fraud, make online purchases, deposit money for illegal activities, and create fraudulent checks.

Generally, it isn't safe to share your bank account information, including your routing number, with anyone you don't know. The stakes are too high to trust your bank account and routing number to a stranger.

To create future wealth, prioritize saving over spending by making it a habit. Savings bridge the gap between current financial well-being and future security, catering to emergencies and luxuries. Tracking expenses and budgeting can aid in increasing savings for a prosperous future.

Also, you should never share your personal banking details, such as PIN, card number, card expiry date and CVV number (that's the three digit number, which, in Starling's case can be found on the right side of the signature strip).

Never give out your CVV when using your credit or debit card in person. Anyone asking for your CVV during an in-person transaction could be trying to steal your information. It's only safe to give your CVV number over the phone or on a secure site. Never give out your CVV when paying in person.

Card details – card number, card holder name, date of birth and address –- are stolen, often from online databases or through email scams, then sold and used on the internet, or over the phone. This is often called 'card-not-present' fraud.

It's always risky to send your entire credit card, including all 16 digits, the expiration, and CVV. Instead, I recommend leaving out the CVV and sending it to the recipient using another communication platform.