The Risks of Going Cashless

Posted  March 19, 2019  by  Jenny Green


Singapore’s hectic and fast-paced lifestyle has seen a rise in cashless payment[1] options. While this system is a convenient and quick solution to many, it does not come without its flaws. It may be easier to swipe a card rather than fumble through ones wallet looking for change but there are serious risks involved.

In particular, the safe disposal of expired credit cards has become a subject of great importance. With the prevalence of cashless payments, losing your credit card or having it stolen could leave you vulnerable.

Is it enough to just cut it?

Many have the misconception that once a credit card has been cut up and disposed of, it is automatically rendered useless with the magnetic strip being destroyed. However, criminals can easily retrieve it and piece them together, making the numbers and card verification value (CVV) on the credit card legible again. By impersonating the original card holder, these criminals can then contact the preferred bank for a usable card. In addition, they can also make unauthorised online purchases under the original card holder’s name as it is quite common for card details to still be usable for a short time after expiry[2].

This manipulation of information not only gives criminals an opportunity to cripple you financially, but could also damage your reputation between you and your bank due to misinformation and miscommunication.

Secure methods of disposal

Protecting your personal data is of paramount importance. To mitigate the risk of criminal activity at your expense, it is crucial to ensure that you dispose your expired cards through safe methods. An example is Shred-it’s Speciality Information Shredding Service, where items such as credit cards and identification cards will be securely shredded and then recycled. This method also provides individuals with peace of mind as Shred-it guarantees a secure chain of destruction by presenting customers with a Certification of Destruction to confirm that all materials are securely destroyed.

Every individual has a role to play for data security, be it your own personal information or the data of your customers. Safe disposal of used documents is just as important as making sure you do not misplace them. Make it a habit to ensure your data security measures are safe and effective, to prevent your information from falling into the wrong hands.

Protect Your Personal Data

Good data security consciousness prevents undesirable issues. Learn more about how Shred-it can safely destroy your unwanted sensitive documents by contacting us for a free quote.

 

 

[1] The Business Times. (2018). The cashless journey has only just begun. [ONLINE] Available at: https://www.businesstimes.com.sg/government-economy/the-cashless-journey-has-only-just-begun. [Accessed 4 March 2019]

[2] The Braintree Blog. (2010). Credit Cards Aren’t Like Milk – They’re Still Good After Expired. [ONLINE] Available at: https://www.braintreepayments.com/blog/credit-cards-arent-like-milk-theyre-still-good-after-expired/. [Accessed 8 March 2019]


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