What senior citizens can do to keep their money safe from card fraud

CARD fraud remains a rising risk for consumers, more so to senior consumers who are often the most vulnerable to fraudulent attempts.

Therefore, the need to remain vigilant when using or managing your bank card remains key to protecting yourself against fraudsters.

CEO of FNB Private Clients, Bridgette Walsh Kruger said they strongly encourage senior customers to always practice some precautionary measures to protect themselves against possible fraud when transacting.

“Protecting yourself is not simply limited to your physical banking card, it also includes being observant and practising safe banking behaviour at ATMs, over the phone or through your card data that can be used to buy goods online.”

“It’s also important to emphasise that if one is negligent in protecting their banking details, they could, unfortunately, find themselves liable for debt racked up by criminals who have accessed their bank card information fraudulently.”

Managing money is a collective effort between the customer and the bank, however, criminals are aware that banks continue to make a substantial investment in security systems, therefore they predominantly target customers when attempting to defraud.

Often, the victims are senior customers who either welcome unsolicited help or those who are unfortunately unaware of this modus operandi.

“To prevent this, we have invested resources to inform, educate and support seniors and all other customers to bank safely without falling victim to fraud. Bank cards have many security features which are designed to minimise fraud while improving convenience, but card safety is a two-way street that requires consumers to exercise caution to avoid falling victim to fraudulent activities,” said head of fraud, Trish Ramdhani.

She added that banking customers should not only be vigilant when using their cards in physical environments such as ATMs but they should also exercise heightened caution when using virtual or digital platforms like a banking app, online banking, cellphone banking and online shopping merchants. The following basics of card safety when banking are advised:

• Take note of card safety measures recommended by your bank: There is a lot of misinformation about how people can prevent card fraud, but it is always best to follow your bank’s recommendations on card safety, in addition to conventional ways of safekeeping your valuables. “Do not listen to anyone who suggests using reckless measures that could damage the quality and functionality of your card. Bank cards are designed to perform specific tasks and contain a lot of security detail which may not be visible to the naked eye, therefore tempering with it could cause irreparable damage,” Ramdhani said.

• Do not keep your card together with your PIN: This is one of the golden rules of card safety, but it is often ignored because people cannot anticipate losing their bag or wallet which tends to store such valuables. Rather be safe than sorry and memorise your PIN instead of writing it on a piece of paper or saving it on your phone.

• Do not disclose sensitive information to anyone pretending to be calling from the bank: People claiming to be phoning from the bank might not actually be from the bank. Always know who you are dealing with. Fraudsters might contact you pretending to be phoning from the bank’s fraud department to assist you with a fraudulent transaction or debit order. The purpose of the fraudulent call is to obtain sensitive information from you such as your one-time pin (OTP). The fraudsters might also ask you to initiate a transaction on the banking app or online banking as part of the fraud reversal process. Banks will never ask you to process a transaction in order to reverse fraud. In addition, they will never ask you for your OTP or confidential information such as your banking password. When in doubt terminate the call and contact the number at the back of your card or report fraud and cancel your cards on the banking app immediately.

• Immediately report stolen and/or lost cards:  Most banks offer their customers easy card cancelling or fraud reporting options on their cards on the banking app. The function further allows customers to replace blocked cards and schedule their own delivery by easily following the provided steps. Customers can also phone the contact centre or by visiting their nearest branches to report stolen cards as well as fraudulent card activity.

• Take advantage of contactless payments: The introduction of new payment technologies such as contactless payments gives consumers far more control over their bank cards, meaning you don’t have to part ways with your card when making payments at merchants that accept contactless payments.

• Be vigilant when purchasing online: When buying goods and services online, it is important to ensure that you are dealing with a reputable service provider before sharing your card details. Do not simply click on the first link you come across, rather type the web address of the service provider you intend to use.

• Beware of phishing, tricksters, and mimics: Scammers often pretend to be someone you may trust, like a banking official, an insurance agent or even a job provider. They may try to persuade you into revealing sensitive information like an OTP or your login credentials. Don’t give out any card details, email addresses and other personal details to unknown persons. Avoid responding to such texts, phone calls, or emails.