Protect Yourself Against Credit and Debit Card Fraud With These 5 Steps
There’s been a worrisome spike in credit and debit card fraud in recent weeks, with many falling victim to unauthorized transactions for ‘Facebook Ads’. Unfortunately, this isn’t an isolated problem.
From what we see on a viral Twitter thread, users across various banks in Malaysia have reported similar incidents, some users even claiming that up to RM1,299 had been siphoned out of their accounts unknowingly. Others fell victim to less drastic amounts, reporting consecutive unauthorized transactions ranging between RM4 and RM200 and above.
Hopefully there are plans by the relevant authorities and ministries to provide tighter security for online banking. But until then, we’re going to need to stay vigilant ourselves and protect our savings from all kinds of internet scams and frauds.
As a start, you can keep to these 5 steps to protect yourself against credit and debit card fraud.
1. Unlink your debit/credit card from websites
E-commerce sites have a tendency to encourage you to link your debit and credit cards. They do so with good intention, as linking your credit/debit cards will make it easier for you to transact without the need to fill your card details from scratch.
However, this also means that your card details are tied to your e-commerce accounts. If there were was some form of data breach or a cyber attack to that website, your account – together with your card information – will be in jeopardy.
Some e-commerce websites do have security measures in place to protect its users. But no one is inherently safe in this digital climate. If it is a must, we advise you to be extremely selective on where you decide to link your card to.
Just keep in mind that money attracts lowlife fraudsters like bees to a pot of honey. Any site that has your bank details is vulnerable to a certain degree.
2. Refrain from using public Wi-Fi
Public Wi-Fi is a staple in most places today. But not all of them are safe. Hackers may be able to spy on your browser to retrieve personal data, or even capture your keystrokes.
Simply put, there may be hackers lurking on the public Wi-Fi that can see everything you do on your computer or phone. As such, carrying out any banking errands using insecure public Wi-Fi may leave you exposed.
As best as you can, refrain from utilizing public Wi-Fi even when it’s free. At the very least, subscribe to a Virtual Private Network (VPN) service if you have to use public Wi-Fi. This will provide an encrypted server that will make it harder for hackers to intercept your data.
To be absolutely safe, hold off any banking activity until you get home, or use your own mobile data.
3. DO NOT download unknown applications from links
Never, ever, download an application from any unknown link. Some scammers have the expertise to trick you into downloading an app which they will claim is ‘necessary.’
They hide behind urgent prompts along the lines of “Your phone is running out of storage, download this app to clear up space”, or “Your phone is compromised! Download this anti-virus now!” DO NOT DOWNLOAD THESE.
This app may turn out to be spyware, and it will give them access to everything you do on your phone.
We suggest to only download applications from legitimate sources such as Google Play or the Apple App Store, as these sources have built-in security features that only allows non-harmful apps to be up for download.
4. DO NOT click on links from unknown sources
Similarly, you should never click on any link from unknown sources. If you are required to click on a link, try to verify if the link is a legitimate link or a phishing link WITHOUT clicking on it.
Bank links use a secured site which contains an ‘s’ in front of the ‘http’, for example, https://www.maybank2u.com.my. If the link claims to lead you to a banking website, but does not have the ‘https’ indicator, it’s best to ignore it.
Some scammers will even go as far as to design a website to look exactly like the official banking page, so becareful!
The best solution is to do all banking via the official banking app (eg. MAE app by Maybank or PB engage MY by Public Bank Berhad, downloaded from Google Play or Apple App Store), or manually search the bank’s official website on Google as opposed to being directed by a link from an unknown source.
5. Set Contactless Payment limit on credit and debit card
Those tap or wave contactless payment method is convenient, but it can cause major worry if you somehow lose your card. Because there is no need for your PIN number, whoever is in possession of the card is able tap or wave as they like.
To combat this, it is advisable to set a maximum daily limit to your contactless payment method. You should be able to do this via the bank’s official website. This way, if ever you lose your card or fall victim to theft, the perpetrator will only be able to spend your maximum daily limit.
You should immediately call the bank to cancel your card once you find out your card is missing to prevent the perpetrators from having another full day’s worth of your daily limit.
What happens if you’re a victim of credit or debit card fraud?
Firstly, make it a habit to check on your bank accounts frequently to identify any suspicious transactions. Alternatively, you should enable notifications from your bank’s app so you are alerted to any transactions.
If you’ve become a victim to credit/debit fraud, immediately contact the bank to cancel your card.
For online unauthorized transactions, you will have to fill up a dispute form to verify that you did not make any of those illegal transactions. You should be able to download the dispute form from your bank’s official website.
For Maybank users, you have the option of a Kill Switch on the MAE app and Maybank2u web which will temporarily deactivate your Maybank2u access to prevent any further online transactions.
When it comes to your life’s savings, prevention is always better than cure. It pays to be vigilant in this era, and we hope we’ve provided some layer of security with these 5 steps.
Stay safe, and protect your money! And read up about more ways you can secure your devices!
