With criminals getting more and more sophisticated with their fraud scams, stolen cards, counterfeit cards and card-not-present (CNP) fraud still remain the three most prevalent types of fraud used to defraud people. That is why it is important that our customers know what each of these three types of fraud mean and how to protect themselves.
The most common is stolen-card fraud, where criminals steal genuine bank cards with the correct pin numbers, then withdraw money from nearest ATMs and/or use the cards to make purchases in-store. Counterfeit-card fraud refers to a card that is fraudulently manufactured, then used by criminals using compromised card data. This card data is usually obtained from ATM skimming devices or shoulder surfing, where criminals stand over you at an ATM or at a bank as you fill out a form. Finally, there’s CNP (Card Not Present) fraud, where data can be compromised through actual physical theft of data or from large scale data breaches.
Here’s some useful tips you can use to protect your card data:
Tips for card holders:
- Review your account statements regularly; query any suspicious or unfamiliar transactions with your bank immediately.
- When shopping online, only place orders with your card on secure websites.
- Do not send e-mails that quote your card number and expiry date.
- Ensure that you get your own card back after every purchase and always ask that the credit card machine is swiped in front of you.
- Never write down your pin or disclose it to anyone.
- Report lost and stolen cards immediately to your bank
- Destroy your credit card receipts before throwing them away.
- Sign your card on the back signature panel as soon as you receive it to stop anyone else from taking ownership or trying to use it.
- Don’t allow anyone to use your card, your credit/debit card is not transferable.
- Only the person to whom the card was issued is authorised to use it.
- If you have a debit, cheque and credit card, don’t choose the same pin for all of them, so that if your pin is compromised on one card, the others will still be safe.
- Always check transaction slips for correct purchase amounts before you sign them.
- Keep your transaction slips and check them against your statement to spot any suspicious transactions and query them immediately.
- Make a list of all your cards and their numbers and store it in a safe place.
- While transacting, always keep an eye on the ATM card slot to ensure that your card is not taken out, skimmed and replaced without your knowledge.
- Should an ATM retain your card, contact your bank and block your card before you leave the ATM.
- Subscribe to your bank's SMS notification services; this will inform you of any transactional activity on your account.
- Save your bank’s phone number on your phone for easy access in case of emergency.
- Do not use an easy PIN number and avoid obvious choices like birth dates and first names.
Read more: How you can use your credit card wisely.