Visa surveyed the South African public and results revealed that ATM fraud, identity theft and point of sale fraud are the most common types of fraud that consumers were aware of.
FNB’s credit card fraud specialist Henk Vermeulen says, “Following the promotion of Verified by Visa in late 2011 we have already seen a decrease in online card fraud and have over 100,000 active users.”
Personally, when I was prompted to sign up for Verified by Visa, I thought, what a schlep but in the bigger picture, it’s better to be safe than sorry.
I’ve been using internet banking since FNB launched, been shopping online, paying at restaurants with my cards and luckily, have not been a victim of fraud. I usually am careful when withdrawing – and make sure that nobody is standing too close to me and if I’m paying for my meal, I ask for the machine to be brought to my table. I never let the waiters disappear in the back with my card if there’s a “problem” with the machine.
I also prefer paying for stuff with my cheque card and very rarely carry cash around. Both my credit and cheque cards are chip-based cards, which is reassuring.
Visa has issued more than 30 million chip-based cards across central and eastern Europe, Middle East and Africa and the company says that fraud rates within the Visa system are at the lowest they’ve ever been.
So if you want to take precautions, you can start by getting chip-based cards.
Check out some tips here:
If you think you’re a victim of fraud, contact:
Online Fraud Team on 087 575 0011 / firstname.lastname@example.org