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Cybersafe January 25, 2022

Credit Card Fraud


How to protect yourself from credit card fraud


As more consumers shop online, from food delivery to groceries and entertainment, it’s handy to own a credit card—a cash alternative you can use for online purchases and emergencies. With a credit card billing statement, it’s easy to keep track of your purchases, too. As consumers may have noticed, credit cards make life easier. It’s faster and more convenient than carrying cash in your pocket.


Unfortunately, as technology advances, fraudsters and scammers have also become more sophisticated in their credit card fraud schemes. 


Fraudulent credit card transactions involve identity theft, where fraudsters pretend to be bank representatives to gain access to your personal information and financial accounts. Scammers also resort to “phishing” by sending a fake email or text message to lure account holders into giving their sensitive personal information and card details online.


Shimming, on the other hand, is a new form of skimming that enables scammers to read the  credit card information and duplicate the card with a magnetic stripe only. Unfortunately, these cards are still accepted in some retail stores.


There is also a card replacement scam where the scammer pretends to be an employee of the bank and asks the cardholders to surrender their credit card for an “upgrade” or “promo”. Once the victim agrees, the fraudster will steal the victim’s credit card details and proceed to make unauthorized transactions.


While banks and financial institutions put in tight security controls to combat online fraud and attacks, it’s also important that you know how to protect yourself from cybercrimes. Stay away from getting scammed with these practical tips from the Credit Card Association of the Philippines!  


Be wary of phishing attempts


Phishing emails or texts are designed to look legitimate to steal your personal information such as usernames and passwords. If you get any suspicious message, don’t click any links or attachments. 


Scammers can lure you into giving your information by pretending to be a bank representative asking for your personal information. Once they have your data, they can use your credit card information to take over your account. 


Remember banks will never ask for your personal information and bank account details. Ignore random calls and delete any suspicious emails or text messages. 


Never give your credit card to anyone


Be careful if someone calls, emails, or sends you a text message asking you to surrender your card for an “upgrade”. Keep in mind that credit card providers will never ask for your card and instruct you to destroy your credit card. Report any suspicious activity to your bank right away.


Look out for skimming devices in a card swipe machine


Scammers can install small devices on ATM machines or credit card readers which copy your card’s magnetic stripe and use your information for unauthorized online purchases.


Thanks to EMV technology, scammers aren’t able to create an exact duplicate of chip-enabled credit cards. If you haven’t got a EMV chip-enabled card, you can request a new one from your bank. 


Keep an eye on your cards at all times when making transactions. Most importantly, only use your credit card in trusted establishments to ensure safe and secure transactions.


Keep your credit card in a safe place


The last thing you want to happen is to misplace your credit card or lose it to a pickpocket. Keep your credit card safe just like how you treat your cash. If your credit card gets stolen or lost, call your bank immediately to deactivate the account. Otherwise, you will be made to pay for unauthorized purchases made using your credit card.


Don’t forget to share these cybersecurity tips with your family and friends to keep them safe from scammers as well!