How to protect yourself from card fraud

The holiday season brings with it plenty of shopping activity which goes hand in hand with another activity, card fraud. Protecting yourself from card fraud goes without saying and during this time the need for it becomes even more imperative.

With all the advances in technology and know-how, falling into Card Not Present (CNP) fraud has become quite easy nowadays. CNP occurs when neither the card nor the cardholder is present whilst a fraudulent transaction is being conducted. This is something we’re sure many people fallen prey to or a least know someone who has.

Earlier this year, SABRIC reported that in the last year alone CNP fraud amounted to 62% of gross fraud losses on South African issued credit cards, and with a debit card amounted to 46.9%. Scary stuff isn’t it?

Trish Ramdhani, Head of Fraud at FNB Card says, “Online shopping continues to be a growing trend in South Africa. More and more consumers regularly buy everything from basic household necessities to clothing, gifts and gadgets at the click of a button. Not only is it safe and convenient, you earn eBucks every time you shop online with your FNB Credit Card, Fusion or Debit Card.

However, to continuously get the best experience when shopping online, it’s equally as important to ensure that you are not caught off guard by online “fraudsters.” Ramdhani has shared a couple of helpful tips for you to consider when shopping online using either your credit or debit cards.

  • Ensure that you are buying from reputable websites and Apps.
  • Enter the provider’s website by typing in the web browsers yourself instead of accessing it via a search engine as it might lead you to a spoofed site.
  • Never access the website from a link you receive in an e-mail or sms.
  • Make sure that you are not on a spoof site by clicking on the security icon on your browser tool bar, to see a Padlock and that the URL begins with https rather than http.
  • Never save your personal and banking details on any merchant website. if the option presents itself, always remember to click ‘No’.
  • Always remember to log off immediately when you have finished shopping.
  • Always ensure you download the latest anti-virus software on your PC and mobile device where possible.
  • Never provide your credit or debit card details unless you’ve initiated the transaction.
  • If you are an FNB customer, ensure that your inContact details are up to date in order to get notified when money leaves your account.
  • Should you suspect any fraudulent activity, immediately report the incident through the Banking App or contact the number at the back of your card.

In addition to the above, also ensure that you use Online Secure, which, for FNB clients, is activated upfront as an extra layer of security. What this does is it allows you to enjoy the convenience of shopping online while still remaining in full control of your financial safety. Also remember, like most other reputable financial institutions, FNB will never ask you to share your One Time Pin (OTP) over email, SMS or phone, so remember to keep it safe.

“Following the above quick safety precautions and keeping up to date with the measures that your bank is using to prevent online fraud will give you peace of mind when shopping online with your credit or debit card,” concludes Ramdhani.