The introduction of Point Of Sale (POS) machine into the business world today, has contributed to the increased rate of money theft. Technology has made it possible that people who do not always like to carry around a lot of cash with them can still do business transactions using just their ATM cards with the help of the POS machine. However, when visiting the POS terminals for a business transaction, one must be extremely careful to avoid revealing vital information about their bank account details and ATM card. In this article, i would explain 5 information you should never disclose to any POS agent to avoid losing your money to fraudsters.
1. Personal Identity Number (PIN)
This is the 4-digit number that you put into a POS or ATM machine to verify a transaction. To avoid losing your money to fraudsters, you must not reveal details of your PIN to any POS agent. Your ATM PIN should be unique and meant for only you.
2. Card Verification Code (CVC)
This is a 3 digit code that is found at the back of your ATM Debit or Credit Card. This code should never be disclosed to any POS agent for any reason.
3. Debit Card Number
Debit Card Number is the 16-digit number you see in front of your debit card. The first 6 digits are your Bank Identification Number while the remaining 10 digits are your Unique Card Holder Number. When your debit card number gets into the wrong hands, you can be defrauded easily. To avoid losing your money to fraudsters, you should never give any POS agent details of your debit card number.
4. Bank Verification Number (BVN)
You should never disclose details of your Bank Verification Number (BVN) to any POS agent. BVN is an 11-digit identity number that is very unique to everyone who has a bank account. When you disclose your BVN to a POS agent, it may get into the wrong hands and your money can be removed from your bank account.
5. Monthly Bank Statement Of Account
Most Banks usually send a monthly Financial Statement Of Account to their customers either through email or by text. This Bank Statement Of Account contains the vital information about your cash transactions for the month, and you must not reveal this information to any POS agent for security purpose.
