Learn about bank card fraud (and here's how to protect yourself)

Learn about bank card fraud (and here’s how to protect yourself)

HThere are several types of scams associated with credit and debit cards and it is essential to know them to be more protected against this type of fraud. “Be mindful of online safety and take some precautions using the card is half the battle to avoid scams with credit or debit cards”, recommends DECO Proteste.

The consumer protection organization reveals that there are, among others, the following types of fraud associated with bank cards:

  • fraudulent phone calls. “Sometimes, there are entities that pretend to be banking institutions and that call with supposedly urgent situations. In these cases, they present you with a fictitious problem and ask for your credit card details with the argument that they will solve it”;
  • card cloning. “Scammers place a device at the ATM, which copies your credit card information”;
  • mail theft. “Letters that arrive at your address with your credit card, code or other information can be stolen by fraudsters”;
  • phishing. “Through fraudulent messages, via SMS or on websites, sensitive information is obtained from consumers”;
  • Pharming. “When searching on the internet, the consumer is redirected to a website similar to the one they are looking for, but fake. The scammers’ objective is to obtain confidential information, such as credit card data”;
  • Spyware. “Without the user noticing, without authorization, software is installed that collects sensitive information”.

Eight tips to avoid fraud, according to DECO Protest:

  1. When you are about to receive a new card, pay attention to the deadline indicated by the bank. If you do not arrive on the scheduled date, notify the issuing authority. Sign it, as this is one of the main ways to identify the legitimate holder, and destroy it when it reaches the limit of validity;
  2. Memorize the personal code (PIN), avoid keeping it in your wallet and never share it with third parties. If you need to write down the code, don’t do it next to your card or on your cell phone, as these are the first places scammers look for. Write it down covertly: for example, as if it were a phone number or a birthday;
  3. in a payment, don’t lose sight card and make sure it’s passed on a single device, so it won’t be cloned. If you are asked to repeat the operation, do so only if the terminal displays a message that the previous one has been cancelled. Require proof of purchase;
  4. At ATM, make sure no one else sees the PIN. If you notice that the machine looks different than usual or is vandalized, do not use it, as it may have been “adapted”. If the card is held at the ATM, contact the issuer immediately;
  5. When using contactless payment, redouble security. Confirm that the TPA screen has the contactless symbol and that the amount shown on the screen is what you have to pay. If you don’t see an error message or a voided payment, do not repeat the operation. Confirm that the payment has been authorized and keep the card with you. At the end, ask for proof.
  6. Be prudent with payments over the net, making purchases only in credible establishments. A secure page displays a key or padlock in the lower right corner of the screen and its address starts with ‘https’. Print and save an order confirmation. Avoid disclosing card details by phone or email. Payments through MB Way and the creation of MB Net cards, which generates a virtual card with a maximum value, are also safe;
  7. Ignore emails, supposedly from the card issuer, asking you to access a certain link. This type of technique allows third parties to access confidential data and withdraw money from the account. Never disclose card details or access to any online card account management service;
  8. Never access the bank’s website through links sent by email, SMS or otherwise. Always choose to type the bank’s website address in the browser bar.

Also Read: Fixed or variable rate on home credit? Here’s what to keep in mind

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