Credit Card Fraud Warning

The Clearing Bank Association (CBA) has announced that it has been advised of isolated incidents of credit card fraud involving "skimming."

The Clearing Bank Association chairman Anwer J Sunderji urges the general public to be on their guard against this invasive criminal activity and on behalf of the CBA, offers this information and advice.

Card "skimming" occurs when the information on a card's magnetic stripe is copied through illegal means to create counterfeit cards.

When this occurs, the client still has possession of their card.

Skimming typically takes place when using a Point of Sale terminal (POS) or an ATM. Once the information is transferred to the counterfeit cards, the criminals are then able to complete a series of fraudulent transactions.

To protect you against scams and minimize the risk of fraudulent activity on your credit or debit card, the CBA offers the following tips: Sign cards as soon as you receive them and call to activate any new credit cards immediately.

Destroy unwanted or expired cards, and cancel them by contacting the card-issuer. This will ensure that a new card will not be issued under the same account number.

Never leave your debit or credit card unattended in a public place and always try to keep your card in view when you are using it.

If possible, swipe your own card when you are making a purchase. Otherwise, watch to make sure that it is only swiped once through a single device.

Immediately report unusual or suspicious merchant behaviour to your financial institution.

Examine statements to verify all transactions on your card.

Always check to make sure you are given back your card after every transaction.

As far as your PIN is concerned, avoid selecting a PIN that is easily identified, such as your address, a birthday, or telephone number and never write your PIN on your card or on something else in your wallet. Memorize your PIN and never share it with anyone including friends or family members. Shield the keypad with your free hand while you enter your PIN.

Should your debit or credit card become lost or stolen, report the incident to your bank or credit-issuer immediately. If you ever receive an unexpected e-mail that appears to be sent by any CBA members asking you to provide confidential information, or which otherwise appears suspicious, do not respond, but immediately contact the member bank.

To help the bank with its investigation, include a de scri ption of the incident and attach any e-mails you received that you suspect may be fraudulent. Avoid changing or retyping any part of the original message as this may interfere with the investigation. Once sent, delete the e-mail from your inbox.

CBA banks do their utmost to reduce any impact on clients who may have been victimized by fraudulent activity. In the case of confirmed fraud, the priority is to reimburse clients who have been victimized and to further block unauthorized access to their funds. Additionally, CBA banks:

Work with law enforcement authorities to detect and quickly shut down fraudulent activities.

Build fraud prevention measures into their diligence process and regularly upgrades fraud detection/prevention systems and procedures.

Take fraud seriously and are dedicated to preventing, detecting and investigating fraud.

Make ongoing investments in fraud prevention and detection technology.

In the end, the best defense against debit and credit card fraud is care and diligence. It’s a good idea to always be on guard when using your cards so that you can substantially reduce your chances of falling victim to this crime. Generally, if clients of CBA member banks, through no fault of their own, experience a loss that resulted directly from fraud, they will be fully reimbursed.