Guiding consumers since 2009

Up your guard against card skimming

By Staff Writer

Customers must be careful when using their bank cards to prevent being defrauded by "skimmers", Standard Bank Group warned on Thursday.

"Customers are also urged to remain vigilant as the fraudsters' main aim is to access customer funds by stealing information off your card as well as getting your secret PIN," said Itumeleng Monale, Standard Bank director of self service channels, in a statement.

"It is therefore imperative that customers protect their card and PIN information."

Skimming, which is a global problem, usually takes place when fraudsters capture card data on devices similar to those used for legitimate point-of-sale or ATM transactions.

"The industry has been hard hit by this modus operandi, which has been around for years; however an increase in these attacks during the last two years is prevalent due to the availability of high-tech skimming devices in the open market."

The devices fit snugly over the card slot on an ATM and can even include a camera to record the PIN number.

"The main point of compromise still occurs when customers' cards are presented to a third party," Monale said.

"Cards and PIN numbers are harvested by syndicate members when they either distract or observe our customers typing in their PIN numbers.

"The rule of thumb is never to let your card out of your sight and when entering your PIN, to cover the PIN pad," she said.

Customers should also keep their daily withdrawal limit as low as possible to minimise loss. The bank advised customers not to insert their cards into slots that looked as if they had been tampered with. If customers suspect a card had been tampered with, they should immediately stop it.

They should also review their bank statements regularly and should not send emails containing their account number and expiry date.

Keep cards in sight and report lost and stolen cards immediately, the bank advised.

Recent Articles

Featured New homeowner? Be aware of these extra expenses

You’ve overcome all the hurdles of buying a home. You’ve managed to pay your deposit and your closing payments, and now you’re a proud title deed holder. However, there are other expenses waiting around the corner. Are you prepared?

Your biggest credit conundrums – answered

Understanding your credit health is one of the most important factors in managing your finances. This is because it gives you insight into your debt, your borrowing ability, and your financial history. While many understand this, there are still many questions on how to do just that.

Avoid debt collectors, choose debt counselling

There are two things you can do when you are struggling to pay your debt. You can either let your creditors hand your debt over to debt collectors – or you can let debt counsellors help you deal with your debt.

Retail notes: easy investment option for new investors

Being a newbie in the world of investing can be challenging because you don’t know where and how to invest. With so many investment options, you could easily be befuddled. Justmoney looks at how retail notes can help you cut your teeth in the world of investing.   

Deals

Spur's South African Combo Special

Price: R80
When: Mondays
Where: Nationwide

Translux Student Discount

Price: Depends on destination
When: Daily
Where: Nationwide

Zimbali Senior Citizens Discount

Price: From R1342.00
When: Until 14 December 2019
Where: KwaZulu Natal