Top three card frauds to avoid
How card savvy are you?
STOLEN card, counterfeit card and card-not-present (CNP) fraud are the three most prevalent types of fraud used to swindle customers.
Criminals are getting more sophisticated in their scams, but the modus operandi listed above still ‘ruses’ the roost.
African Bank Sales and Marketing Executive Alfred Ramosedi said consumers need to familiarise themselves with these scams and the means to protect themselves.
‘Stolen card fraud is self-explanatory. Criminals steal genuine bank cards together with the correct pin numbers and then use these cards immediately at the nearest ATM to withdraw cash, followed by purchases at stores until the account is either empty or the card stopped,’ says Ramosedi.
‘Counterfeit card fraud is slightly different in that a card is manufactured fraudulently and not genuinely issued by a bank.
‘Criminals do this by using compromised card data, usually from skimming devices fixed to ATMs that can read and store card data on the magnetic strip of a genuinely issued bank card.
‘The problem is hand-held skimming devices are quite small and not easily detectible.
‘Finally, with CNP fraud, the data is compromised in a variety of ways, ranging from the actual physical theft of data off a genuine card to large scale data breaches usually carried out by syndicates.’
18 Tips to protect your card data
1. Review your account statements on a regular basis and query any suspicious or unfamiliar transactions with your bank immediately
2. When shopping online, only place orders with your card on secure websites
3. Do not send emails that quote your card number and expiry date
4. 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
5. Never write down your pin or disclose it to anyone
6. Report lost and stolen cards immediately to your bank
7. Destroy your credit card receipts before discarding them
8. 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
9. Don’t allow anyone to use your card
10. 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
11. Always check transaction slips for correct purchase amounts before you sign them
12. Keep your transaction slips and check them against your statement to spot any suspicious transactions and query them immediately
13. Make a list of all your cards and their numbers and store it in a safe place
14. 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
15. Should an ATM retain your card, contact your bank and block your card before you leave the ATM
16. Subscribe to your bank’s SMS notification services – this will inform you of any transactional activity on your account
17. Save your bank’s phone number on your phone for easy access in case of emergency
18. Do not use an easy PIN number and avoid obvious choices like birth dates and first names
