Security Precautions for Financial Transactions Personal Finance UM Task 1 Activity 2

Hi guys so task one activity two in the understanding money unit of personal finance is all about security precautions taking precautions when you are doing a financial transaction i.e paying for something okay so imagine you know you know some of these answers already so if you use a card to pay for something or you have a password you use for your online

Account to pay for something you know over amazon or whatever paypal um or you have basic you know accounts what what the security measures are in place in order to keep these uh secure okay so this requires a little bit of your own research here and you’re going to come up with some statements here for these sort of four questions and so you’re to choose a bank

Above society go to their website or if you can’t find it on their website just type into google and finances to following questions so when should you use your pin number when should your pin number not be used what advice do they offer about how to create a strong password for online accounts what do they tell you to do if you think someone has been using your

Account without authorization so um it might i i’ve tried to do a little bit of research i tried to type in a bank and struggled a wee bit to find information so i think the easiest thing to do is actually just type in these questions into your search engine so if you type in when should you use your pin number the first one it comes should come up with a um a

Pretty good kind of answer so it says here that um a personal identification number pin personal identification number is a security code for verifying your identity similar to that password your pin should be kept secret because it allows access to important services such as financial transactions pins may be used for anything digital and requiring access okay

So and that’s a good kind of statement we can use so you should um use your personal so copy this down with me just now i’m going to do the first one for you personal identification number identification that’s what penn stands for you should use your personal identification to verify your identity when when paying for something using your card or to get

Access to your money okay and you should keep this like a password you should keep this secret okay so keep your pin secret that’s important like you wouldn’t go around shouting out your password to you know your your amazon prime account or your name you know so don’t do don’t tell anyone your pin number you know and uh obviously we can use contactless payments

Now so even if there was a situation where you need someone to go and buy something for you you can pay for things contactless up to 45 pounds so this unless it’s you know more expensive than that if you’re just asking someone to go and buy you know something to eat there should be no reason for you to give them your pin number okay so you can just tell them to

You know just tap the card so that is some information about pin numbers i need you to then do a little research yourself type in these questions when should your pin number not be used what advice does a bank offer about how to create a strong password okay that’s good uh that knowledge to learn and uh what do they tell you to do if someone has been using your

Account without your authorization so what are the steps if you see hold on someone’s bought xyz for 200 pounds i’ve not done that someone’s had my account what do you do well find out okay what do you do in that situation okay so you’ve got to do about your own research now get me those three answers for this activity too

Transcribed from video
Security Precautions for Financial Transactions Personal Finance UM Task 1 Activity 2 By Mr Cunningham Maths