Credit card fraud happens when someone uses your credit card or bank details to make unauthorized purchases or payments. Basically, your money is digitally stolen. If you are lucky, you get notification from your credit card company or bank that a purchase has been made. Many however aren’t that lucky and do end up losing their hard-earned money.
Here are some tips to keep your credit card safe from predators.
Beware of Phishing
Phishing is a scam where you are targeted via email or SMS to get your personal information like credit card numbers or Emirates ID numbers. Banks urges residents and citizens to not entertain any calls from banks asking for cards’ details in addition to raising a dispute in case of any credit card’s suspicious transactions.
Also, Dubai Islamic Bank (DIB) advises customers to routinely check credit card and bank statements. If you find any irregularity, immediately inform the bank, and block your credit card.
Vishing is part of phishing but involves getting phone calls on your mobile or even social media apps like WhatsApp. It could be the UAE Central Bank telling you they have blocked your bank account unless you furnish the right credentials. Never entertain any phone calls from unknown numbers, as your phone could be compromised, and your personal details captured by just pressing “Answer”.
Identify Skimming
Skimming is a technique where your credit card number is used to make online purchases. Your credit card details along with your identity are usually stolen through secret devices that are inserted in the payment terminals. There is also a special type of skimming that involves ATM machines. Besides the device, colorless adhesive tapes or glue in the card slot or keypad is used to get imprints of your PIN number and capture your card details.
Protect Your Account Information
It isn’t uncommon for family members and close relatives to share PIN numbers or banking passwords to make it easy. Most people use common names and numbers such as anniversary dates or birthdays for the PIN numbers and passwords. A quick glance at your social media account or even a quick conversation with you at the supermarket however could put your credit card at risk.
Small Tips to Remember
- Don’t use the public Wi-Fi at the mall or coffee shop to do banking transactions or purchases.
- Don’t click on any links you get via email, SMS or through social media apps.
- Make sure you are at the right website before making any financial transactions.
- Use SMS services from UAE banks to get notification for every credit card and banking transaction.
- Don’t share your password, OTP, CCV number or PIN number.
- Make your PIN number and password hard to remember.
- Don’t jot down your PIN number and password and save it in your wallet or purse.
In case of Fraud:
The UAE has strict protocols in place to protect the rights of its citizens and residents. The punishment for credit card fraud is a fine between AED 500,000 and AED 2 million along with imprisonment from one to three years. You should immediately contact your bank to cancel the credit card due to the unauthorized usage and then file a report with the police. Also keep all emails or SMS for the fraud credit card usage to show the police and banking authorities.