Credit and debit card fraud is on the rise. Thanks to incredible advances in technology, many transactions that were once time consuming and laborious can now be down with the simple click of a button. Technology has no doubt revolutionized the way we do banking today, but it is not without its pitfalls.
There are many types of credit and debit card fraud, and not all are online. One type is when the actual card is lost or stolen and then used fraudulently to make transactions. Another type is when the card is counterfeited or cloned, a process which is called 'skimming'. Victims of 'skimming' often say they made a payment with their card but then were told that the machine is 'faulty' and that their transaction had not gone through. They were then presented with another 'working' card machine and this time their transaction went through. A popular online method of debit and credit card fraud is called 'phishing'. 'Phishing' is when you are sent fake emails that try to elicit sensitive account information. 'Pharming' is when fake online banking sites try to elicit your details.
Although the many inventive types of credit and debit card fraud is sometimes enough to deter many from venturing into the world of cashless transactions and online banking, there are many ways to make sure that you do not fall victim.
Never let your card/card details out of your sight. Make sure all transactions are processed in your presence. Even if there is a problem and your waiter/cashier needs to find and consult management, make sure that they leave your card with you. Destroy or shred any documents/receipts which contain your credit card details once you are done with them. Do not write down your passwords or pins, rather memorise them. Do not divulge your credit card or debit card details over a phone call, even if the person claims to be from your bank or a reputable company with whom you have done business. It is safer to tell them that you will call them back. If you do receive an email from your bank, when you are logging in to your online account make sure that you type their website address into your URL bar. Do NOT click any links, no matter how 'official looking' the email may be. Make sure that your computer has active anti-virus software. Many can pick up 'phishing' websites and give you a warning message when you attempt to click on unsavoury links. When shopping online, make sure that the site you are using is secure. This is shown by a locked padlock symbol in the address bar. Always cut up old cards when they have expired.
Although credit and debit fraud can be a daunting and a very real possibility, by being vigilant in your behaviour, you can drastically decrease your chances of becoming a victim.
There are many types of credit and debit card fraud, and not all are online. One type is when the actual card is lost or stolen and then used fraudulently to make transactions. Another type is when the card is counterfeited or cloned, a process which is called 'skimming'. Victims of 'skimming' often say they made a payment with their card but then were told that the machine is 'faulty' and that their transaction had not gone through. They were then presented with another 'working' card machine and this time their transaction went through. A popular online method of debit and credit card fraud is called 'phishing'. 'Phishing' is when you are sent fake emails that try to elicit sensitive account information. 'Pharming' is when fake online banking sites try to elicit your details.
Although the many inventive types of credit and debit card fraud is sometimes enough to deter many from venturing into the world of cashless transactions and online banking, there are many ways to make sure that you do not fall victim.
Never let your card/card details out of your sight. Make sure all transactions are processed in your presence. Even if there is a problem and your waiter/cashier needs to find and consult management, make sure that they leave your card with you. Destroy or shred any documents/receipts which contain your credit card details once you are done with them. Do not write down your passwords or pins, rather memorise them. Do not divulge your credit card or debit card details over a phone call, even if the person claims to be from your bank or a reputable company with whom you have done business. It is safer to tell them that you will call them back. If you do receive an email from your bank, when you are logging in to your online account make sure that you type their website address into your URL bar. Do NOT click any links, no matter how 'official looking' the email may be. Make sure that your computer has active anti-virus software. Many can pick up 'phishing' websites and give you a warning message when you attempt to click on unsavoury links. When shopping online, make sure that the site you are using is secure. This is shown by a locked padlock symbol in the address bar. Always cut up old cards when they have expired.
Although credit and debit fraud can be a daunting and a very real possibility, by being vigilant in your behaviour, you can drastically decrease your chances of becoming a victim.