Credit card fraud in South Africa decreases by 15%

Credit card fraud in South Africa decreases by 15%

Credit card fraud in South Africa has decreased by 15% in the last 12 months, Visa and First National Bank (FNB) announced this week, as the two organizations have joined forces to launch their 10th Annual Card Security Week (CSW).

FNB said however that PIN security, online scams and cloning of cards remain the biggest threats to card security in 2014.

Visa and FNB said that while the overall awareness of card fraud is very high, 42% of South Africans admitted that their PINs were not kept secret and that they shared them with someone else.

Quoting from a Columinate report, which was commissioned to research fraud awareness and card fraud trends in South Africa, Athaly Khan, head of fraud at FNB Credit Card, said 85% of respondents admitted that they were still sharing it mostly with their spouses.

Compared to 2013, significantly more consumers are using their hands as a shield while keying in their PINs at an ATM (67%, up from 59%), yet 20% admit that they use the same PIN for numerous cards.

“In terms of card security awareness, 93% of individuals surveyed pay careful attention to their SMS notifications when making transactions, which points to the importance of such notifications,” noted Bryce Thorrold, head of risk services for Visa in Sub-Saharan Africa.

Photo: SABC Online

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