Don't be a victim: credit card fraud on the rise

More South Africans are falling victim to credit card fraud. Here’s how you can avoid becoming a statistic.

The latest report by the Ombudsman of Banking Services shows an increase in credit card fraud from 12.2% to 19.47% between January and March 2019.

According to the report, the most targeted victims were elderly people. Those aged between 61 and 70 accounted for 21% of fraud complaints, those aged between 71 and 80 years accounted for 26% of complaints and pensioners older than 81 accounted for 11%.

"It is of great concern that the elderly are more vulnerable to this kind of banking fraud," Reana
Steyn, CEO and Ombudsman for Banking Services told Fin24.

According to banking.org.za “perpetrators use a variety of card fraud methods and keep changing their approach to trick their victims”.

These methods include; Counterfeit Card Fraud, Lost and Stolen Card Fraud, False Application Fraud and Card Not Present Fraud.

Below is a guide from the organisation on how you can avoid becoming a statistic:

 Always follow your card and never let the card out of your sight when making payments.
 Report any suspicious behaviour by the person to whom you have handed your card when making payments immediately to your bank.
 Never accept help from anyone at an ATM, even people who appear to be bank staff or security.
 Be familiar with your ATM construction, this way you will notice any foreign objects attached to it.
 Never use an ATM that is tampered with or visibly damaged or any ATM near it. This could be a trick to get you to use another ATM in close proximity where a device is mounted.
 Suspicious foreign objects or people loitering around ATMs should be reported to your bank immediately.
 Always check your bank statements for suspicious transactions.
 Shred or burn bank statements, receipts and financial information when disposing of them.
 Never let another person use your card and do not leave your card or your card details lying around.
 Never divulge your PIN to anyone.
 Make use of the card security products offered when transacting with online merchants.
 Ensure you only place orders with your card on a reputable and secure website when shopping online.
 Do not send e-mails that include card details such as your card number, expiry date or other details.
 Report any irregular transactions on your bank statements to your bank immediately.

READ: 6 tips for better online shopping

Image courtesy of iStock/ Kenishirotie