Credit Card Fraud: Our Advice to Protect Yourself Against It

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Credit Card Fraud: Our Advice to Protect Yourself Against It


Credit card fraud is more and more frequent. How to protect yourself from this? What to do in the event of forgery, loss, or theft of a bank card?

While the second Directive on Payment Services (DSP2) has just entered into force, a study by UFC-Que-Choisir has just revealed that bank card fraud has exploded by 36% in one year. It is now around 1.2 million households that are affected each year by this damage, which amounts to 860 euros on average. It is now essential that all individuals become aware of this risk, especially as a few precautions can help prevent it. In addition, it is important to know the procedure to follow if you are the victim of fraud. Our explanations.

BANK CARD: INCREASINGLY FREQUENT FRAUD

According to the 2018 Annual Report of the Observatory for the Security of Payment Means published in 2019, bank fraud jumped by 36% in 2018, reaching more than one billion euros. More than 1.2 million households declared themselves victims of at least one bank fraud in 2018, an increase of 144% since 20106, for an average cost of 860 euros per victim household The techniques used by fraudsters are varied: forgery of the card, use of the confidential code, theft, etc.

Several factors explain the rise of these scams. First of all, the bank card is more and more used to make online purchases, which increases the number of potential victims. There is then a transfer of crime to this type of scam, which is considered less risky than drug trafficking or even robberies.

Finally, a study by ONDRP in May 2018 underlines the lack of vigilance of bank cardholders when shopping online. However, “distance purchases are seven times more defrauded than withdrawals from ATMs and seventeen times riskier than in-store payments” underlines the UFC-Que Choisir, based on figures from the 2018 Annual Report of the 'Observatory for the security of payment methods, published in 2019. E-commerce, even if it concerns only 15% of transactions by bank card, represents 70% of fraud.

In 2016, 70% of households declared having noticed the fraud when consulting their account, against 63% in 2015. The proportion of households having been alerted by their banking organization is gradually decreasing: 29% in 2014 and 22% in 2016.

BANK FRAUD: HOW TO GUARD AGAINST IT

While zero risk does not exist on the Internet, certain precautions can be used to guard against a large part of the risks of bank fraud.

Make Sure the Website is Reliable and Secure Enough

The majority of banking frauds are linked to payments on the Internet via insufficiently secure sites. Before indicating your card number to finalize your purchase, remember to check that the website is reliable and protected. To do this, consult the navigation bar. Prefer sites that have set up double security, with payment confirmation by SMS for example.

Systematically Hide your Confidential Code

Whether at the distributor or in the store, it is advisable to exercise caution when entering your PIN. It is the same for the cryptogram which corresponds to the last three digits written on the back of your bank card. This is essential to validate an online transaction and must therefore be camouflaged.

Discover our file

The decrypted bank card

Do not save your bank details

When paying, some websites offer an option to keep your bank details in order to save time on the next purchase. It is recommended to systematically uncheck this box unless you are a really regular customer and you have complete confidence in this site. In this case, make sure that the password linked to your account is sufficiently secure.

More Protective Legislation for  Consumers

PSD2 entered into force (in theory at least) on September 14, 2019. This European directive on payment services, which aims in particular to strengthen the Complete Security of online payments, should be effective within 4 to 18 months only. The delay of professionals and the under-equipment of the French with biometric smartphones explain this additional time granted to banks. In the future, the code received by SMS to validate an online purchase will no longer be sufficient. Banks will indeed have to offer their customers a double authentication during an online transaction over 30 euros among the following three possibilities:

communicate a password known only to him;

have a phone or a smart card;

have a personal characteristic (fingerprint, facial or voice recognition).

There is no doubt that this new process should considerably reduce the number of frauds!

VICTIM OF BANK FRAUD, WHAT TO DO?

The principle is simple: if your bank card has been used fraudulently, you are entitled to reimbursement of the sums debited from your account. If your card has been lost or stolen, a refund deductible may sometimes apply. The rules applicable to the reimbursement of sums fraudulently debited via the consumer's bank card appear in art. L. 133-19 of the Monetary and Financial Code. This is a legal obligation for the bank.

As soon as you notice the disappearance of your bank card, you must immediately contact your bank by telephone to make opposition. This process must then be confirmed by sending a registered letter with acknowledgment of receipt. The opposition applies as soon as your financial institution is notified. After the date of your opposition, your responsibility is totally released for all fraudulent transactions.

Getting reimbursed, however, is often an obstacle course. 20% of bank frauds are never compensated, underlined in 2018 the Living environment and security survey report of the Ministry of the Interior. And according to a survey carried out by UFC-Que Choisir in 2019 among 460 consumers who were victims of fraud over the past twelve months, the average duration of compensation is 21 days.

Remember, it's up to the bank to establish their customer's fault. You therefore do not have to provide supporting documents to prove your good faith, and you are under no circumstances obliged to file a complaint. In the event of a problem with your bank, and in particular delaying tactics, you can contact your banking institution's mediator but also turn to consumer associations such as UFC-Que Choisir or refer to the Prudential Control and Resolution Authority. (ACPR).

If you want to stop banking fraud and credit card fraud install protegent360 antivirus secure with complete security.



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