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Five Tips To Avoid Card Fraud

Card payments are a safe and convenient way to pay for goods and services, but you still need to be vigilant when using or managing your bank cards to protect yourself against fraudsters.

Chris Labuschagne, CEO of FNB Credit Card cautions users that bank cards have many security features designed to minimise fraud while improving convenience, but card safety is a two-way street. Labuschagne recommends the following protective measures against card fraud:

  1. Take note of card safety measures recommended by your bank

There is a lot of misinformation about how people can prevent card fraud. It is always best to follow your bank’s recommendations on card safety, in addition to conventional ways of safekeeping your valuables.

  1. Do not keep your card together with your PIN

This is one of the golden rules of card safety that is often ignored, because people cannot anticipate losing their bag or wallet. Rather be safe than sorry and memorise your PIN instead of writing it on a piece of paper or saving it on your phone.

  1. Immediately report stolen and/or lost cards

According to SABRIC, lost and/or stolen cards accounted for 56.2% of card fraud losses during 2016. You need to immediately report lost or stolen cards to prevent any losses. Cancel your cards using the bank’s App if you have a smart phone, call the contact centre or visit a nearest branch.

  1. 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. Look out for the contactless sign and simply tap without handing over your card. Not only is this quicker but it also gives you peace of mind.

  1. 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.

Source: FNB. Image: Pixabay

#bankingscams #cardfraud #moneymatters

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