These days, more and more people are choosing to leave behind traditional office settings and embracing the freedom to work from any corner of the globe. Data shows that the population of digital nomads worldwide was already at around 40 million individuals in 2023, and this number is predicted to rise to around 60 million by 2030. For many, the lifestyle of a digital nomad seems like the ideal way to break away from the monotony of a 9-to-5, as it offers the opportunity to explore and experience diverse environments.
If this is the kind of life you want, however, know that this freedom comes with the responsibility of managing your finances securely while constantly on the move. In particular, digital nomads need to pay special close attention to their credit card security and overall financial safety, as the transient nature of their lifestyle makes them particularly vulnerable to fraud and theft. Constantly changing locations, depending on online transactions, and frequently using unfamiliar ATMs can all boost your risk of falling victim to financial crimes.
You’ll need to exercise constant vigilance and proactive measures to safeguard your financial well-being while you enjoy the perks of nomadic life. Here are some simple but effective security tips to help you protect your credit card information:
Choose Credit Over Debit
There are myriad good reasons why travel experts suggest using credit cards over debit cards when traveling. While fraudulent transactions on debit cards can directly affect your bank balance, the more robust consumer protections inherent in credit cards will make it easier to dispute unauthorized charges and prevent immediate financial loss. Many credit cards also offer additional security features such as fraud monitoring and zero-liability policies, which provide further peace of mind.
Digital nomads based in the Philippines have a reliable ally in Maya, the country’s number 1 digital bank. The Maya Landers Cashback Everyday Credit Card, in particular, is perfect for travelers. Apart from getting up to 5% cashback at Landers Superstore, you can also enjoy 2% cashback on dining and 1% everywhere else. This allows you to rack up savings as you use your card more often, wherever you may be working at the moment. The Maya Landers Credit Card also has zero annual fee with a minimum spend requirement.
And in case you’ve been wondering, “Is Maya Credit Card safe?”, the answer is a resounding yes. Maya is licensed by the Bangko Sentral ng Pilipinas (BSP) and fully compliant with cybersecurity regulations, so you can rest assured that your financial data will be in good hands, no matter where you go. There are also plenty of security features that you can conveniently customize or control through the Maya app, such as setting a daily spending limit and changing the PIN.
Activate Real-Time Transaction Alerts
It will be easier for you to maintain control over your spending and identify any unauthorized charges if you keep yourself continually informed of your account activity. So, set up transaction alerts via text or email to monitor your credit card activity in real time. These will help you respond promptly to potential fraud and minimize the impact any fraudulent transactions have on your finances.
Use Secure Connections Only
Public Wi-Fi networks, commonly found in cafes, airports, and hotels, are quite convenient but are also often unsecured and can thus be a hotbed for cybercriminals looking to intercept your data. As such, avoid using these internet connections to make online purchases or access your credit card accounts. It’s also a good idea to use a virtual private network (VPN) to encrypt your internet connection for extra security. This is one of the best ways to keep your sensitive information safe, even when you’re on the go.
Monitor Your Statements Regularly
Your credit card statements are critical documentation that can help safeguard your financial health, so don’t wait until your bills are due to check them. Many credit card companies offer online access to your account, making it easy to check your statements from anywhere. Make it a point to review them regularly, so that you can spot unauthorized transactions and report these to your card issue right away.
Notify Your Bank of Travel Plans
When banks see transactions from unexpected locations, they might temporarily block your card to prevent potential fraud. The last thing you want is for your card to be declined in the middle of an important purchase, so be sure to call your bank ahead of your trip. Tell them that you’ll be traveling, where you’re headed, and when, so they can keep your card active and functional throughout your journey. For cards like the Landers Cashback Everyday Credit Card, you also have the option to set daily limits and turn foreign transactions on or off through the Maya app, so you don’t have to call or wait for the bank for approvals.
Store Emergency Contact Information
No one wants to think of the possibility that their cards will be lost or stolen, but in the event that it happens, you’ll need a way to report it immediately. Keep a list of your credit card issuers’ contact information so that you can quickly notify them of a compromised card. Store this information in a secure, easily accessible place, such as a password-protected note on your phone. The faster you report these incidents, the better your chances of minimizing losses and regaining prompt access to your funds. If you’re using the Landers Cashback Everyday Credit Card, you can request to block the card or replace the card through the app to take action ASAP and prevent further issues from happening.
Don’t Over-Share on Social Media
While it’s tempting to talk about your travel adventures online, doing so can inadvertently expose you to risk. Publicly posting your location and travel plans on social media can make you a target for thieves who exploit such information. To maintain your security, limit the details you share about your whereabouts and activities. Consider adjusting your privacy settings to restrict who can see your posts and avoid sharing sensitive information that could be used against you.
At the end of the day, it’s possible for digital nomads to enjoy their adventurous lifestyle without financial worries. Take a proactive, rather than reactive, approach to credit card security and exercise caution while abroad. When it comes to protecting your funds and sensitive information, you’ll soon find that a little vigilance goes a long way.
