Credit card fraud is growing at an "alarming" rate
Updated | By East Coast Breakfast
Credit card fraud is growing at an "alarming" rate, and pensioners appear to be the most vulnerable, the Ombudsman of Banking Services said.
Listen to the podcast or read the details below:
According to a report for the first quarter, the ombudsman said the increase in credit card fraud had grown from 12.2% to 19.47% in just three months.
The figures are from January to March 2019. According to statistics from the ombud, those aged between 61 and 70 account for 21% of fraud complaints. Those aged between 71 and 80 account for just over a quarter (26%) of complaints. Pensioners older than 81 account for 11% of complaints.
The scammers obtain credit card information fraudulently and use it to make purchases the credit card holder is unaware of, the ombud explained.
According to Steyn, fraud can take place through bank rewards programmes, online purchasing, phishing - by accessing sensitive information from the credit cardholder through electronic communications like email – and fishing, a telephonic version of phishing.
Hangwani Ravhudzulo, known as Rav, is an financial expert who shared some insight into this alarming topic.
Listen to the podcast to find out all the details.
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