Cape Town - The South African Banking Risk Information Centre (Sabric) has urged consumers to be vigilant during the upcoming festive season as 97 percent of lost and stolen cards reported in the country were found to be linked to fraudulent transactions.
In a joint briefing with the police, Sabric chief executive Kalyani Pillay said: ”This day is to create awareness for all the South African citizens to make use of their banking safely, as we have the festive season upon us. We have seen issues around lost and stolen cards, lost money, card skimming and counterfeit cards, and therefore need to be careful when making use of ATM’s and giving out personal banking details with other people.”
The briefing also highlighted stolen cards reported by victims were also used outside the country for flight bookings, cash withdrawals, online shopping, and making use of travel agencies and tour operators.
Among other issues addressed in the briefing included the “card not present” (CNP) fraud, which is a type of purchasing process without the authorisation and verification of a card holder.
Pillay said the CNP accounted for 76 percent debit card fraud and 67 percent credit card fraud. She warned people not to send e-mails with personal details of bank card numbers, or disclose information telephonically.
Rather, they had to make use of card security products when transacting online, only place orders with your bank card on a reputable and secure website for shopping online, and have the latest anti-virus software installed on digital devices.
Lieutenant Colonel Jerome Hardenberg, an investigator at the Commercial Branch of the Hawks, said: “We are going to continue to focus attention on such issues throughout the festive season. We will be dealing mostly with counterfeit cards, and cloned cards. This is as a result of skimming, and these issues happen wherever a card is presented, such as in places like restaurants.”
Cape Argus