The 5 financial secrets you should never reveal (2024)

Words of advice like, ‘it is good to share’ and ‘sharing is caring’ often come up in conversations, especially when we are spending time with children. Whether it is lunch, toys or sweets—sharing can bring more joy, we like to tell them. While that may be true, it is not always so when it comes to information about your finances. So, while sharing has its benefits, here are five things you should never share with anyone—even your spouse and children.

Card details: Information such as expiry date of your credit or debit card, its number, and your full name are prominently displayed on the card. Your name would be known to most people, but you should not share any other information printed on the card. It is printed there for you, not for others. These details are needed to carry out online transactions. And this information is the first level of security. Without access to it, there is no way to misuse your card. Safeguard these details and don’t reveal them to any unauthorised person.

CVV: Every debit and credit card has a card verification value or CVV number on its reverse. This number is vital for completing online transactions.

This too is clearly printed on your card, and you should not share it with anyone.

Passwords: If you use net banking or credit cards for online transactions, you know that the transaction cannot go through without confidential details such as your customer identification number, card details and the password. While other details, such as those on your card, may have been compromised without your knowledge; the passwords is completely under your control. Do not tell others about it. And just to be sure, change the passwords at regular intervals.

PIN: Personal identification numbers (PIN) of credit and debit cards are needed at ATMs and merchant establishments to withdraw money and complete transactions. It is a secret number and a vital security feature. Never share it and be careful while using it at ATMs and PoS machines to ensure that nobody is looking over your shoulder to steal this secret from you.

OTP: One-time passwords (OTP) are a more recent second-factor authentication tool, which make your online transactions more secure. When you purchase anything online using your card, net banking or your e-wallet; an OTP is generated and is usually sent to your registered mobile number. This is the last level of authentication, and is applicable only if you have successfully cleared the other security challenges.

Should your confidential data be compromised, this is your last defence. If you share it with someone else, the OTP may be used to clean out thousands from your account, instead of the Rs500 debit you may be expecting.

Therefore, always be suspicious if anyone asks for it. Your bank or financial service provider never will.