Interswitch provides these tips about card fraud and keeping your pin number safe.
Types of Card Fraud
Phishing: Phishing is the fraudulent process of used to obtain sensitive information such as usernames, passwords, Personal Identification Number (PIN) and debit card details by masquerading as a trustworthy company in an electronic communication. Phishers often direct users to enter details on fake websites identical with that of legitimate companies. The email is delivered to one’s inbox usually with the legitimate company’s email address (e.g. email@example.com).
Phishing is carried out through the following ways:
Counterfeit Card Fraud: This form of card fraud takes place when a card is printed, embossed or encoded without a card issuer’s consent. Most cases of counterfeit fraud involves the process known as skimming where the original data on a card’s magnetic stripe is copied onto another card without the legitimate cardholder’s knowledge.
To avoid your card being skimmed – BE VIGILANT. Never let your card out of your sight while paying for goods and services at any merchant location.
Card-not-present (CNP) fraud: This form of card fraud is committed mostly over the internet. Card details are gotten through the theft of card details such as PIN number, card number and expiry date from discarded receipts or by copying your card details when carrying out a transaction.
Protecting Yourself Against Fraud
Just as protecting your money is the main concern of banks; protecting yourself online is your priority. Online theft is not strange but you need to be very careful lest you become the next victim.
Here are some steps to help keep your card information secure:
Some banks currently offer the option of receiving transaction alerts either on your mobile phone or email. This keeps you updated of all your account transactions.
CARD & PIN Safety – DOs & DONTs
NOTE THAT NO ONE SHOULD ASK FOR YOUR PIN NUMBER.
Using your InterSwitch ATM card is a convenient and safe way to get cash. Just be sure to keep in mind the following safety tips:
It is important to apply more caution on the internet.
A Classic Scam Email Example
Dear Valued Customer,
Due to concerns, for the safety and integrity of the online banking community we have issued this warning message.
It has come to our attention that your account information needs to be updated due to inactive customers, fraud and spoof reports. If you could please take 5-10 minutes out of your online experience and renew your records you will not run into any future problems with the online service. However, failure to update your records may result in your account suspension.
This notification expires on April 15, 2010.
Once you have updated your account records your internet banking service will not be interrupted and will continue as normal.
Please follow the link below and renew your account information.
Get more information on protecting yourself online from InterSwitch