The real growth area for fraud has been in overseas transactions, particularly where chip and pin has not been fully implemented. These transactions use the magnetic stripe on the back of the card and a signature for evidence of card ownership. There are a great number of counterfeit cards doing the rounds and these net the thieves a considerable bounty.
We all pay the costs of these frauds in card charges and interest rates, so it is in all of our interests to combat this fraud wherever possible.
There are various systems which can help to prevent these frauds but most rely on cardholders taking responsibility:
- Ensure that your card does not get taken away for scanning (it could be copied)
- Always shield the keypad when entering your four digit pin (opportunists can see your pin)
- Never tell anyone your pin number (that is just plain stupid
- Never lend your card to anyone else (that is worse)
- Take receipts for ATM transactions away and not put them in the bin provided by the ATM owner (the information contained on these slips could be useful to thieves)
- If you are suspicious about a transaction tell the card issuer (common sense)
- Tell your card issuer if you are going abroad so they don't suspend your card for unusual transactions (prevents embarrassment)
Taking these sensible precautions could help stop these unscrupulous people from taking your money.
Protect your Cards from Fraud