5 Steps To Protect Your Debit & Credit Cards When Shopping Online

Swindlers and scammers are always on the lookout for opportunities to gain access to your money. Since the pandemic, many types of scams have emerged. As cashless payments became vital to the new normal, adding layers of cybersecurity to your debit and credit card transactions will reduce your chances of becoming their victims.

This article highlights the 5 steps that you can take to protect your debit and credit cards. Fraud is prevalent, but you can act now!

#1: NEVER DISCLOSE YOUR PERSONAL INFORMATION

Fraudsters typically pretend to be bank representatives to steal personal information or to perform unauthorized transactions. Be smart when it comes to what you share online. Do not get too excited about sharing personal information, even via screenshots or through your 24-hour daily stories (e.g., sharing a snap of your QDL). Despite having restrictions with your target audience, you will never know how fraudsters can work their way around.

As much as possible, use different passwords for your online banking and social media accounts. Try using different email addresses for your online banking and social media accounts too.

#2: IDENTIFY WHETHER YOUR EMAIL ADDRESS AND HANDPHONE NUMBER WERE COMPROMISED

The personal data of over 500 million Facebook users was leaked online. You are vulnerable if you are using the same email address and handphone number for your online banking and social media accounts.

To know whether your email address or personal number has been compromised, you can visit helpful websites such as Have I Been Pwned. Have I Been Pwned allows you to know whether you experienced data breaching in the past or not.

#3: USE YOUR CARDS ON WEBSITES YOU TRUST

When you are shopping with your debit or credit card online, it is important that you only go to websites that you trust. Ensure that you typed in the correct website and not phony one. You can also print a copy of your online purchases for future reference.

While shopping in your favorite website, avoid clicking on email links and suspicious images because these could take you to a phony website whose sole purpose is to steal your credit card information.

#4: ACTIVATE THE OTP OR TWO-FACTOR AUTHENTICATION

A one-time password (OTP) is a dynamic pin that is valid for a single login transaction on a digital device. It is an automatically generated alphanumeric or numeric string of characters that authenticates the user for a transaction. Activating this security feature will enable you to be notified whenever your accounts or cards are used. The OTP is usually sent via SMS or via email.

Similarly, the two-factor authentication (2FA) adds a layer of security by authenticating the credentials of the user. Most email providers such as Google and Yahoo! have this feature. Activate it to prevent other people from logging in to your email/s.

#5: BE VIGILANT AT ALL TIMES

Be vigilant when it comes to identifying phishing emails. Fraudsters may send you emails and newsletters that copy your bank’s promotional campaigns. Check the email sender to ensure that it is from the financial institution itself. Remember that most banks use corporate email addresses when sending newsletters and not personal Gmail or Yahoo Mail accounts.

Image Credits: pixabay.com

As mentioned above, avoid clicking links or buttons that can potentially lead you to unsecured websites. Keep your eye on the email address of the sender and the grammar of the message sent to you. If many words are misspelled, you can easily spot a red flag.

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Tighter COVID-19 measures have led to Singapore shares reaching more than two-month low

watching the stock market

The tighter measures made known by the Ministry of Health (MOH) yesterday (14 May) probably came as a shock to many.

However, it’s absolutely necessary in response to the spike in COVID-19 community cases recently. As we gear up to work from home, there are also daily and social routines to make adjustments to.

In terms of investments, Singapore shares aren’t looking that good. With the latest restrictions announced, investors are reacting accordingly.

Straits Times Index (STI) fell more than 3% initially

After the news report, the benchmark STI dropped by 3% before closing down at 2.2% or 3,055.02 points. Since 8 March, the decline on 14 May marks STI’s lowest level.

DailyFX’s strategist Margaret Yang commented that the market is not ready for the newly set COVID-19 measures, considering that the social gatherings group limit was only cut from eight to five people just a week ago.

“On the economic level, there will also definitely be some adverse impact on the services and travel sectors,” she added.

To that, IG’s market strategist Yeap Jun Rong said that the current situation had cast doubt on the pace of economic recovery ahead. Since a significant portion of STI’s constituents is cyclical, the economic cycle will have a massive impact on its numbers.

Aviation-related counters most badly hit
an SIA flight

Image Credits: CNBC

It’s probably not a surprise that the aviation-related counters are the ones most affected.

To give you some numbers, Singapore Airlines (SIA) fell 5.7% to an 11-week low of S$4.50, while flight caterer SATS plunged 3.9% to S$3.69. Integrated resort operator Genting Singapore also dropped 3.1% to S$0.79.

Ms Yang noted that investors were hoping for the vaccine roll-out to spur economic recovery and border reopening. But with Singapore now reversing, this means that it will probably take more time for the aviation industry to get back on track.

What’s next for the stock market?

According to CMC Markets analyst Kelvin Wong, the unlinked community cases will play a vital part in deciding how the stock market will react for the rest of May. Should it see an increase, more stringent measures may pass and, travel-related stocks will further weaken.

While it is too early to comment, Mr Yeap expects retail, hospitality, and entertainment-related stocks to come under pressure if the COVID-19 situation continues to spiral downward in Singapore.

“That said, the overall downside impact may be limited considering that prompt action was taken to limit the virus spread and more than 20% of Singapore’s population has been fully vaccinated,” he added.

 

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Do these things to bring down your cost of living

a man holding on to his car key

The term “cost of living” can be translated as the money needed to uphold our current lifestyle habits.

When finances are on a stretch, lowering the cost of living can weigh heavily on our minds. If you’re ready to hit the pause button on your spendings or make lifestyle changes because of a recent job loss or pay cut, that’s not impossible.

Try doing these things to bring down your cost of living.

Move to a smaller home

Downgrading can be a powerful punch in the face for the prideful. But when it comes to finances, it’s a massive boost for maintenance. Take a good look at your money matters right now and decide if it makes sense for you to downsize. Remember that selling your property takes time, so plan ahead and get started early.

But sometimes, selling your home can be made secondary by getting rid of your car instead. With most of us shifting back to working from home, maybe you don’t really need a vehicle to add to your existing financial burdens?

Rent out rooms
a room with a double bed

Image Credits: ohmyhome.com

For peeps who are not so keen on selling their house, see if you can empty a room or two to rent out. This presents a quick solution to bring in extra cash every month, on top of your salary.

Alternatively, you can also choose to downsize and then rent out a small room for someone to occupy temporarily. But this method might only be suitable for people who don’t mind sharing their living spaces with an outsider. Be sure to discuss thoroughly with your family members beforehand.

Minimise your energy consumption

Your current electricity appliances can be the culprit contributing to your steep monthly bills. Check to see if they are energy-efficient and make the switch if they aren’t. Since they are products you use for a long time to come, be sure to do your research and ask the salesperson about the specs before buying.

Another factor to consider is your air-conditioner. Yes, we get how Singapore’s weather is so humid and unbearable at times, but if you want to bring down your cost of living significantly, learn how to embrace the warmness. Can’t seem to give up on that? Use the timer setting to work your way around it when you hit the sack.

Rework your budget
budgeting with a calculator

Image Credits: procurementexpress.com

As we approach mid-year, maybe it’s time that you take a look at the budget you’ve drawn at the start of 2021. Changes are inevitable, and it’s okay to replan your spreadsheet to accommodate your income changes.

Study the spendings closely you have each month and maybe let go of a few inactive subscriptions. Examine if you genuinely require multiple content streaming services, or you could just do with one for the time being.

Singapore is undoubtedly a city with a high cost of living and seems to rise a little more each year. Unless you’re planning to move to another country with a lower cost of living, consider the above strategies to cut your money outputs.

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Here are some investment-worthy gemstones according to a Singapore-based Italian jeweller

diamonds

What are the gemstones that come to mind when we mention “investment-worthy”?

Maybe some of you might be thinking of rubies, emeralds, and diamonds. While the three are definitely high in value, they are not the only stones deserving of all your attention.

According to Danilo Giannoni, a Singapore-based Italian jeweller, there are other sparkly rocks likely to grow in value. So, stay on this page if you want to work out your next investment move.

#1: Royal blue sapphire
a blue sapphire ring

Image Credits: Arte Oro

Since a saturated royal blue sapphire is internationally recognised and highly sought after, an investment in that would be considered “safe”. Expect to spend in the range of US$50,000 per carat if you’re looking to purchase a decent-grade blue sapphire.

However, it’s also worth noting that other colours are quickly gaining popularity. You will want to spend some time researching the saturation and tones to find the right sapphire for investment.

#2: Scarcely precious tanzanite
A pair of unheated tanzanites

Image Credits: Arte Oro / Client’s private collection

When something is in short supply compared to the demand for it, its value shoots up. This is a simple concept most of us understand, especially since the early days of the pandemic has led to high prices of face masks being sold.

Similarly, since tanzanite can only be sourced from a small area in Tanzania, supplies are limited. The prices are currently reasonable at US$1,000 to US$5,000 per carat, way lower than sapphires. But still, it’s forecasted to rise sharply in price should interests peak.

#3: Mid-range toned Paraiba tourmaline
A pure and almost luminous turquoise tourmaline

Image Credits: Arte Oro

Speaking of rarity, the Paraiba tourmaline wins the comparison against tanzanite. They can only be extracted from three mines situated in the remote areas of northeastern Brazil.

Thus, you can expect its high price tag of up to US$100,000 per carat, though its exact figure greatly depends on tones and colours. While clarity is essential, it’s not the top deciding factor for the best returns.

#4: Beautifully reactive alexandrite
an alexandrite engagement ring

Image Credits: brides.com

When we say reactive, we mean that this precious mineral reacts to various light sources to emit its colour-changing characteristic. Thanks to its chemical composition, a person who owns this gem can observe its colour change from blue-green to red-purple from day to night.

It’s not just stunningly beautiful to observe, but it also performs well in the markets. Over the last few years, alexandrite has seen double-digit annual returns by collectors worldwide. An extraordinary carat with top-tier quality can cost up to US$100,000.

#5: Bright pink-red spinels
A very rare 10.5-carat Mahenge spinel from Tanzania

Image Credits: Arte Oro

As we come to a close, we have bright pink-red spinels to end us off this list. Spinels may not have been popular a few years back, but now, it’s a whole different story. With more buyers attracted to candy-coloured designer jewellery collections in recent years, spinel has climbed up the ranks to be considered investment-worthy.

Interestingly, it’s not the pure colourless spinel that is desired but the red, hot pink, and flame orange ones that are now in the spotlight. To be exact, neon pink-red spinels from Tanzania are the ones with tremendous investment potential, with prices up to US$50,000 per carat.

Now that you have an idea of what’s trending, do your due research and start collecting!

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Ask Your Insurance Agent These 4 Important Questions

Life is full of uncertainties. We are not aware of what will happen in the next hour or the next day. Despite this, we try our best to plan out our lives as best as we can. As you plan for the future, you may consider getting an insurance. Insurance is a means to cushion against financial losses and unexpected events.

Complete your financial plan by finding a suitable insurance policy that will cover your hospital bills, critical illnesses, and other needs. Do your research and ask your insurance providers for guidance to find the most suitable insurance plan for you.

On that note, here are four important questions that you may ask to your insurance agent.

#1: WHICH TYPE OF INSURANCE DO I NEED?

The distribution of insurance is regulated by the Insurance Act. Under this act, no one is allowed to establish an insurance business unless licensed or authorized by the Government. It also entails the duties and responsibilities of the insurance agents such as arranging contracts of insurance and collecting or receiving premiums on policies in Singapore. The insurance agent helps customize your insurance policy to best suit your needs.

There are many types of insurance policies. While endowment policies focus on savings, protection-type policies protect you from unforeseen circumstances. Do your research prior to meeting your insurance agent. As you become transparent with your financial circumstance, you may ask more questions surrounding the differences in their insurance policies. For instance, you may ask your agent to elaborate on the specifications of both their health and life insurance policies. With so many types of insurance around, you cannot blame a person for getting confused at first!

#2: IS IT ESSENTIAL TO PAY MORE WHEN MAKING A CLAIM?

Let us put a spotlight on health insurance. Although insurance policies help cover most of your hefty hospital bills, you can expect to pay some portion in form of deductibles and co-payments. Deductible is the initial amount that you need to pay for claim/s made in a policy year. You need to pay the deductible before you can get a payout from your insurance. On the other hand, co-payments are crucial principle in the design of health insurance. Co-payment is the amount that you need to split with the insurer after paying your deductibles.

Depending on your insurance provider, some health insurance policies may not cover certain illnesses or procedures. For instance, many health insurance policies will not pay for your cosmetic procedures. Ask your insurance agent about this. Know the scope and limitations of a policy before committing to one.

#3: HOW MUCH DOES THE INSURANCE COST?

Whether you are getting a car insurance or a life insurance, it is vital to scan your options in order to find a policy that fits your financial capabilities. The cost of life insurance, health insurance, car insurance, etc., will vary.

From a general perspective, the price of insurance depends on the risks. People who are working in high-risk jobs (e.g., factory workers or construction foremen) may be subjected to higher premiums. The insurance practice of charging higher premiums for certain occupational classes is called occupational loading. This practice is most commonly found in personal accident insurance. Do note that the premiums will also be affected by other factors such as the number of years that you need to have the policy in place.

Ask your insurance agent about this. If you feel that you cannot afford all the insurance coverage available, you do not need to worry. Your insurance agent will help you to prioritize your needs.

#4: HOW OFTEN SHOULD YOU UPDATE YOUR INSURANCE POLICY?

Throughout our lives, our goals and needs will change. This is why experts suggest to review your insurance policies every year. You may ask an insurance agent or a financial advisor for advice regarding the possibility of increasing your insurance coverage as years pass.

Image Credits: unsplash.com

Gradual increase in your insurance coverage may help prepare for the unexpected health problems that might come as you age.

Sources: 1 & 2

 

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