Payment limits and vigilance: make your online purchases more secure

Black Friday promotions serve to kick-off the traditional end-of-year shopping season, and are becoming increasingly popular among online and physical shops. However, the online shopping season brings with it an increase in online fraud, with cybercriminals particularly active during this period and constantly creating new scams or adding to old ones.

‘We notice an increased number of fraud attempts every year, especially during shopping campaigns,’ Annika Goroško, the Head of Retail Banking at LHV, warns. She adds that in addition to fraudulent emails and messages, scam pages and calls are also made. For our part, as a bank, we are informing our clients about new scams in order to prevent fraud, as well as sharing recommendations on how to protect themselves and their property when making purchases from online shops. All LHV bank cards are also connected to the secure online card payment service, which means that online purchases made with LHV bank cards have an additional layer of protection against possible card fraud. After entering your card details, you must enter the LHV Internet Bank for additional identification or use the security code sent to your mobile phone by text message.

The most important aspect is to pay attention to the trustworthiness of online shops and payment solutions. To ensure security, it is important to make a few simple settings in your Internet Bank. ‘We encourage clients to set daily payment limits and turn on SMS notifications of transactions. These simple steps will help prevent greater losses in the event of fraud,’ Goroško says. According to her, it is especially important to monitor your account during busier shopping periods.

Three tips you can put to use today to protect yourself:

1. Limits are there to protect you
   Review your card and transfer limits, and keep them as low as possible. You can also set separate limits for online purchases. If necessary, you can change your card limits at any time in the mobile app and the Internet Bank.
2. Keep savings in a separate account
   We recommend that you keep the money you have saved separate from your daily settlements and not link any bank cards to it.
3. PIN2 is your digital signature
   PIN2 is the same as a normal signature written on paper. Be careful where you enter it, as PIN2 is only used to sign agreements and confirm payments.

What to do if you suspect you have been a victim of fraud?

1. Immediately block your bank card in the Internet Bank or mobile bank.
2. Call LHV’s client service number 680 0400.
3. Keep screenshots of suspicious transactions.

Useful links

• Read more about blocking your bank card
• Read more about the LHV virtual card
• Read about making secure card payments
• Read about fraud prevention