Card Fraud – Understanding and Preventing it
Card Fraud refers to the fraudulent usage of cards through theft of the account holder’s card details and personal identification number (PIN) to perform unauthorized transactions from the compromised account.
Types of Card Frauds
The most common types of card fraud include the following:- Card Theft Scams – Occur when a fraudster steals cards or card information e.g. through shoulder surfing or robbery and tries to use it to purchase goods or services.
- Skimming – occurs when payment card reader hardware such as ATMs or Points of Sale, are modified to hold a masked counterfeit card reader within it. The counterfeit card reader records all the data on the card including any PINs keyed in to pass a transaction. Card skimmers are generally difficult to identify thus customers are advised to use ATMs in well-lit secure areas and POS systems in trusted environments.
- Fake Call Fraud (Social Engineering) – Scammers will call you acting as employees of I&M Bank and will try to convince you to give your card information over the call.
- Application Fraud – This occurs when fraudsters apply for a card in your name. As a form of identity theft, the fraudster will try to use your personal information to get a debit /credit card.
Preventing Card Fraud
Here are some practical tips to help you protect your cards and prevent fraud:- Be Vigilant When Using Your Card:
- Monitor Transactions: Regularly check your account statements and SMS notifications for unauthorized charges.
- Secure PIN: Choose a strong PIN that's difficult to guess and avoid sharing it with anyone. Protect your PIN from onlookers when keying it in into POS or ATMs.
- Practice Safe Online Shopping:
- Verify Websites: Only shop on secure websites (look for the "https" in the URL and a padlock icon ).
- Use Strong Passwords: Create unique, complex passwords for each of your online accounts.
- Public Wi-Fi: Be cautious when using public Wi-Fi networks for online transactions.
- Protect Your Card Information:
- Shred Documents: Properly dispose of old credit card statements and receipts.
- Be Wary of Phishing: Be cautious of emails, calls, or texts asking for personal or financial information.
- Limit Card Sharing: Avoid sharing your card with others unless necessary.
- Monitor Account Activity:
- Enable real-time notifications for all your card transactions.
- Report Suspicious Activity Immediately:
- Contact I&M Bank: If you suspect fraudulent activity, report it to us immediately.
- Provide Details: Be prepared to provide detailed information about the suspicious transaction.
By following these tips, you can significantly reduce the risk of card fraud and protect your financial information.
How to Report: Email us at customercare@imbank.co.ke or call 0719 088 000,0732 100 000When you are a victim of Card Fraud
What to Do
- Change your online passwords and PINs to prevent fraudsters from doing any further transactions.
- Closely monitor your account activity as this can be especially helpful if you're not sure how your information was compromised.
- Keep an eye on your bank statements, and if you notice signs of fraud, notify I&M Bank Limited immediately via Our Contacts
- Report lost cards and suspected fraud right away to I&M Bank Limited if you lose your credit card or suspect any fraudulent activity.
Tips On How to Identify Card Fraud
Fraudsters leave signs that you can sometimes detect if you are vigilant. You will be more likely to spot card fraud if you:- Ensure you receive banking alerts for every transaction done from your card and Bank account
- Review your billing statements every month to scan for unfamiliar charges.
- Watch out for bills from unknown sources or accounts that you didn’t open.