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How To Avoid Credit Card Fraud

How To Avoid Credit Card Fraud

Lost and Stolen Card Fraud


▶    Don’t wait for tomorrow, report your lost or stolen card to your bank immediately.
▶    Don’t carry more bank cards on you than you need.
▶    Check your monthly bank statement thoroughly and report any  irregularities to your bank.
▶    Always have your lost and stolen cards hotline number stored somewhere.


Counterfeit Card Fraud


▶    Never let your credit card out of sight when making a payment. Go with your card to the point-of-sale terminal or ask for a portable device to be brought to you.
▶    Check the card you receive back from the cashier after making a payment; ensure that it is indeed yours.
▶    Never lend your card to anyone.


Card Not Present Fraud


▶    Protect your internet banking profile at all times and never give up your password to anyone.
▶    Be aware of emails that ask you to confirm your banking details. Your bank will never ask you to do that. They have your details.
▶    Never give your card details to unsolicited callers.
▶    Don’t allow merchant websites to remember your password, always press “no” when you are given that option.
▶    Change your password and PIN numbers periodically.
▶    Notify your bank immediately if you see a questionable transaction on your statement.


False Application Fraud


▶    Protect your personal information such as your ID, driver’s licence, municipal rates accounts; criminals can use this information to assume your identity and apply for bank accounts.
▶    Completely destroy your bank statements before disposing of them.


Not Received Issued Card Fraud


▶    Report it to your bank immediately if a card that was to be replaced does not reach you.
▶    Respond quickly to requests from your bank to collect your new or replacement bank cards.


ATM Fraud


▶    Never ask anyone to assist you with your ATM transaction; go into the bank.
▶    Never force your card into the machine – rather, use another ATM terminal.
▶    Make sure that there is no one watching you when entering your secret PIN number; shield the ATM key pad with your other hand.
▶    Be vigilant when performing an ATM transaction and be aware of your surroundings.
▶    Be careful of card swapping at ATMs. Card swapping usually happens as a result of a distraction. Never let anyone distract you when making an ATM transaction.
▶    Always choose an ATM that is in a well-lit and safe environment.


Source: South African Banking Risk Information Centre

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Written by African Business Magazine

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