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Financial technology at consumer level - Use of a payment card

Exercises on financial technology at consumer level - Use of a payment card Explaining what a payment card is and which payment card people can choose. Informing students that a payment card gives you the option to:


1. Payable electronically. You insert the card into a payment terminal and make your payment with your personal PIN code. For example, you instruct your bank to write to the funds of the funds. Small amounts can often also pay contactless.

2. You can also use your payment card at an ATM at all hours of the day to withdraw money from your account. Explaning how you pay with a payment card. A payment card works with a payment schedule. On your payment card you will find the logos of the payment schemes with which the card works. Examples are VISA, Mastercard, Maestro and Bancontact. Informing students that merchants or public services must advertise the logos of the payment cards they visibly. This is possible with a sticker on their display case. Hanging out a payment schedule, payments must also be hanging out. He is allowed a minimum amount of payments with a payment card. The merchant may check your card and your bank for further information. Explaining how to pay with your PIN code. The merchant enters the amount due on the payment terminal. Look at the amount on the screen of the terminal. If everything is correct, insert the card into the payment terminal and confirm your agreement with your secret four-digit PIN code. Explaining contactless payment If there are radio waves on your card and on the payment terminal, you can pay contactless. Explaining how to pay with your signature. For a payment with a credit card, in some countries you still have to sign instead of entering your PIN code. The trader can then ask for your identity card to check your signature.

How do you pay securely? There are risks associated with the use of payment cards and payments via the internet. How can you guard against people with bad intentions, who try to find out your secret codes or passwords? Keep your PIN secret Your PIN is the code you enter when paying with a card. PIN stands for "Personal Identification Number".


How do you make sure no one finds out about this?

• Don't choose an obvious PIN such as your date of birth.

• Never write or save your code, but learn it by heart.

• Keep your free hand over the finger with which you enter your secret code so that no one can watch.

• Check that there are no abnormal things on the payment terminal or ATM, such as a hole with a camera.

• Your bank will never ask for your PIN in an e-mail or by telephone. If you do get that question, it is a false message from someone who has bad intentions with your data. That's called phishing. Do not reply and forward the message to your bank. She is investigating this further.


Have your card blocked in case of theft If your payment card is stolen or lost, have it blocked immediately. You are responsible for fraudulent spending with your card until your card is blocked. Usually your liability is limited to a certain ceiling. What if you suspect internet fraud or phishing? Notify your bank immediately in the event of internet fraud or phishing. She can block access to online banking or disable your payment card, just like Card Stop. You must also file a report with the local police if you are a victim of fraud. Payment card stolen or lost? Have your card blocked As soon as you notice that you have lost your card or if your card has been stolen, block them immediately by having your card blocked. Make sure you have the card number of the card you want to block at hand, so that people can work more efficiently. From the moment you have called the bank, you will no longer be responsible for any damage caused afterwards by the misuse of your card. Are you reimbursed for transactions with your card? Payments made by others with your card between the time of the loss or theft and the blocking of the card are only for a maximum of 50 euros for your own account. The condition is that you have not acted fraudulently or were negligent. The card issuer will reimburse you for the fraud committed with your card. When do you have to pay for the costs yourself? If the card issuer can prove gross negligence, you will be responsible for the expenses. This could be the case when you write the PIN on your card or if you use "1234" as the PIN. Even if the card issuer can prove intent or fraud, you as a customer are responsible and must bear all costs.


For example, you let someone else use your card and you then report the theft? That's cheating. It is then up to the card issuer to prove fraud or malicious intent. What if you do not agree with the arrangement proposed by the issuer of your card? First contact the publisher's customer service and try to find a solution together. If that doesn't work, contact your country's ombudsman. This organization helps you find a solution to financial disputes. She works completely free. You may always submit the dispute to the court of first instance or to the justice of the peace, depending on the amount involved. The judge then decides who pays what.

Once you’ve read the text on the topic, it’s time to test your knowledge.

Solve the following practice exercises!

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