Card payments are a safe and convenient way to pay for goods and services, however, consumers must still be vigilant when using or managing their bank cards in order to protect themselves against fraudsters.
Chris Labuschagne, CEO of FNB Credit Card recently said, “Bank cards have many security features which are designed to minimise fraud while improving convenience, but card safety is a two-way street that requires consumers to exercise caution to avoid falling victim to fraudulent activities.”
Chris recommends the following protective measures against card fraud:
Take note of card safety measures recommended by your bank –
There is a lot of misinformation about how people can prevent card fraud but it is always best to follow your bank’s recommendations on card safety, in addition to conventional ways of safekeeping your valuables.
“Do not listen to anyone who suggests using reckless measures that could damage the quality and functionality of your card. Bank cards are designed to perform specific tasks and contain a lot of security detail which may not be visible to the naked eye, therefore tampering with them could cause irreparable damage,” said Chris.
Do not keep your card with your PIN –
This is one of the golden rules of card safety but it is often ignored, because people cannot anticipate losing their bag or wallet which is where they tend to store such valuables. Rather be safe than sorry and memorise your PIN instead of writing it on a piece of paper or saving it on your phone. FNB offers a ‘View Pin’ facility on its banking app so you can easily and securely check your PIN.
Report stolen and/ or lost cards immediately –
According to SABRIC, lost and/ or stolen cards accounted for 56,2 per cent of card fraud losses during 2016.
Chris said that while this may be due to a number of reasons, it is yet another reminder that people need to report lost or stolen cards immediately to prevent any losses. He said FNB customers can immediately cancel their cards using the bank’s App, by phoning the contact centre or visiting their nearest branches.
Take advantage of contactless payments –
The introduction of new payment technologies such as contactless payments gives consumers far more control over their bank cards. You don’t have to part with your card when making payments at merchants that accept contactless payments.
Chris said all you have to do is to look out for the contactless sign and simply tap the card without handing it over. This is not only quicker, but it also gives the cardholder peace of mind.
“At FNB, we are currently issuing 100 per cent contactless cards to new customers as well as existing customers who need replacement cards. We’re seeing a growing number of customers who prefer to use contactless payments in line with international trends.”
Be vigilant when purchasing online –
When buying goods and services online, it is important to ensure that you are dealing with a reputable service provider before sharing your card details. Do not simply click on the first link you come across, rather type in the web address of the service provider you intend to use.
“Card payments offer a lot of benefits for consumers and far outweigh the risk and expenses associated with handling cash. Over the years, we have seen a sustainable rise in the number of consumers who prefer to use their bank cards to pay for goods and services. However, the need to prioritise safety should not be neglected.”
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