Your credit card details are safe, government says

Smart credit card usage in Singapore
Smart way to use your credit cards

Are you worried about who knows your credit card details?

You should be. With identity theft rampant, it’s up to you to keep your card details secret and to ensure that no crook gets the chance to have a field day with your hard-earned cash. We take card security very seriously at Enjoy Compare, and urge holders never to divulge card number, PINs and other security details unless they trust the person with whom they are dealing.

Credit Card Fraud

And beware – especially – of phishing scams. Your bank will NEVER ask you for your card details, especially through an unsolicited email for phone call. However, what happens to your card details once they are out of your hands?

You’ll often input your account details into a commercial or government computer system, and then the onus is on them to keep your money safe. But we know that there are Black Hat hackers out there is this wired world who think nothing of attacking computer systems, either just to prove that they can, or for more criminal purposes.

Is your money safe, we ask? Yes, the Singapore government says, it most certainly is.

This reply comes despite concerns over the government’s partnership with IBM and its Watson computer system, designed to learn from its interactions with users to provide a fully personalised service when it comes to tax, employment and work pass applications, Channel News Asia reports. Although the system will hold sensitive data on millions of Singapore citizens, the number one priority is the safety of financial and personal data, the Ministry of Finance claims.

The MoF says that Watson is a “closed” system, meaning that it does not share its data with outside agencies. The data it “learns” about you is only sourced from existing government data, and there is no evil, tentacle-like system watching your every move; nor is it spurting out your credit card number to anybody who tries to steal it.

Despite these assurances from the very highest level, security analysts say that no system is completely foolproof. There is a risk from organised crime, but it’s small and the smart technology adapts to fight cyber threats. We’re pretty much certain that your credit card details are safe in the government’s hands, but advise you to keep an eye on monthly statements for unusual transactions. Which you’re doing already, right?