Debit card fraud on the rise

Mon, Jul 21st 2014, 11:51 PM

The Clearing Banks Association (CBA) has warned of an increasing trend of debit card fraud and "ABM skimming".
In a recent statement, the CBA provided advice on reducing the risk of debit and credit card fraud.
"The CBA acknowledges that we have seen a trend toward debit card fraud and ABM skimming. To prevent debit card fraud, customers should never disclose their PIN to another person and always shield the keypad when typing their PIN.
"If customers receive unsolicited emails and phone calls asking for personal information and are not sure of the source, they should be wary and verify the authenticity of any request, as it may be a scam intended to solicit confidential information relative to their personal accounts. Customers should contact their banks immediately if they are concerned about fraud or suspect any fraud," it said.
The association also urged customers to be vigilant when it comes to managing their bank accounts.
While the association's bank members have not seen an increase in credit card fraud, the CBA said it "acknowledge(s) it as an ongoing challenge".
It added: "Our banks have zero tolerance for fraud. When there is even the slightest indication of a threat to our customers' accounts, we respond immediately and take appropriate action. We each have our own fraud detection processes and other security features in place to monitor transactions and highlight questionable or unusual account activities.
"We advise all customers that one of the most important things they can do to protect themselves is to review their account balances and activity on a regular basis using Internet banking, monthly account statements, branch visits and any other facilities provided by their bank in this regard. Report any irregularities immediately."
Customers are also advised to let their banks know of any travel plans.
"This is to avoid the inconvenience of possible fraud prevention blocks on their cards by Visa or MasterCard monitoring teams when suspicious or unusual overseas transactions are detected," said the statement.

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