Publish Date: 09/07/2019
With criminals getting more and more sophisticated with their fraud scams, stolen cards, counterfeit cards and card-not-present (CNP) fraud still remain the three most prevalent types of fraud used to defraud people. That is why it is important that our customers know what each of these three types of fraud mean and how to protect themselves.
The most common is stolen-card fraud, where criminals steal genuine bank cards with the correct pin numbers, then withdraw money from nearest ATMs and/or use the cards to make purchases in-store. Counterfeit-card fraud refers to a card that is fraudulently manufactured, then used by criminals using compromised card data. This card data is usually obtained from ATM skimming devices or shoulder surfing, where criminals stand over you at an ATM or at a bank as you fill out a form. Finally, there’s CNP (Card Not Present) fraud, where data can be compromised through actual physical theft of data or from large scale data breaches.
Here’s some useful tips you can use to protect your card data:
Tips for card holders:
Read more: How you can use your credit card wisely.
About African Bank
Our mission is to be a successful Retail Bank offering a wide range of products and services to the consumers of South Africa. The people who work for African Bank represent the diverse population of South Africa; therefore we are a reflection of you, of all South Africans. We seek to provide value - more than our consumers expect of us. We promise to live our purpose 'humanity through banking' in all that we do and we are confident that we can, because 'We are You'.