How to protect yourself from card fraud this new year
Card fraud is on the rise despite card payments being a safe and convenient way to pay for goods and services. Consumers need to remain vigilant when using or managing their bank cards in order to protect themselves against fraudsters.
According to SABRIC, lost and/or stolen debit card fraud amounted to 42.5% of all debit card fraud in 2018, and bank customers continue to fall victim to fraud at ATMs while transacting.
Senzo Nsibande, Head of Fraud, FNB Card says, “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.”
Nsibande shares some safety tips to help customers protect themselves and their families 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 tempering with it could cause irreparable damage,” says Nsibande.
Do not keep your card together 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 tends 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 our banking app so you can easily and securely view your pin.
Immediately report stolen and/or lost cards
FNB customers can easily cancel their cards or report possible fraud activity on their cards by using the FraudOnApp function on the FNB App. The function further allows customers to replace blocked cards and schedule their own delivery by easily following these easy steps:
o Launch your messages on the app
o Click on InContact
o Click on Report Fraud / log a dispute
o Choose your reporting option i.e. card fraud, card transaction etc.
o Login with your online banking password
o Select the affected card
o Select the transaction to report
o Indicate whether or not you have the card
o Provide details if the card has been stolen
o Confirm the details & accept the declaration
o Add the new card and provide the card delivery details
o Confirm & finish
Customers can also phone the contact centre or by visiting their nearest branches to report stolen cards as well as fraudulent card activity.
Take advantage of contactless payments
The introduction of new payment technologies such as contactless payments give consumers far more control over their bank cards, meaning you don’t have to part ways with your card when making payments at merchants that accept contactless payments.
Nsibande says all you have to do is to look out for the contactless sign and simply tap without handing over your card. Not only is this quicker but it also gives the cardholder peace of mind.
“At FNB, we’ve previously issued out 100% contactless cards for new customers as well as existing customers who may need a replacement card. 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 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,” concludes Nsibande.