Don't be a victim: credit card fraud on the rise
Updated | By ThriveIn
More South Africans are falling victim to credit card fraud. Here’s how you can avoid becoming a statistic.
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
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