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Local bank partners Net Guardian to curb card cloning

STEWARD Bank has partnered with Net Guardian fraud monitoring experts for banks worldwide, to implement a fraud monitoring system to ensure security of transactions, in the wake of increased card cloning cases.

Card cloning involves production of counterfeit debit cards after fraudulent acquisition of user information. In a statement, the bank urged members of the public to guard against falling victim to card cloning fraudsters.

Steward Bank said the public needs to safeguard their card details, including PIN numbers, watch out against merchants who use multiple machines and register for message alerts, to reduce their risk of falling victim. The bank also warned against leaving bank cards out of sight when making purchases, urging the public to report any suspicious transactions to their bank or the police immediately.

“Steward Bank has noticed with concern, the increased risk of fraudulent transactions involving card cloning countrywide

Never share your pin, hide your pin when keying into ATM/POS machines. Be vigilant with merchants that use multiple machines for the same transaction, always insist on a receipt for any failed transactions as it will show reasons why the transaction failed,” said Steward Bank.

“Customers are further advised that the bank recently partnered with Net Guardian, fraud monitoring experts for banks worldwide, to implement a world class fraud monitoring system across all our channels to increase security on all our transactions and reduce the risk of fraud.”

Credit cards are cloned using a system called skimming. A skimming device is attached or inserted into point-of-sale or automated teller machines and copies information from the magnetic strips of credit cards when people put their cards in.

The scammers watch as their victims input their PINs. Cases of card cloning have been on the rise in the country, where most of transactions are done electronically.

Earlier this year, police warned the public to guard their debit cards against cloning, which has increased in the past year with victims losing nearly $200 000 in the last three months alone. Between January and February, about $147 000 was stolen through debit/ credit card fraud while nearly $40 000 has been stolen this month.

Source :

sundaynews

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