When you go shopping this festive season, always be careful and ensure that you do not fall prey to criminals.
As the holiday season approaches, retailers and banks are warning people against fraudsters.
Credit card fraud has more than doubled in the past year. So consumers should ensure they are extra vigilant with their cards.
The most common type of credit card fraud in South Africa is the use of stolen or lost cards. Therefore, it is important to contact your bank the moment you realise that your card is lost or stolen.
Counterfeiting credit cards is also on the increase. Fraudsters will try all they can to get hold of your personal information.
If they get access to or get hold of your personal information, they do not even need your credit card.
They phone your bank to change your address information. They will then report your current card lost and request for a new one.
The card will then be sent to the new address or they will receive information on where to collect the new credit card. They then make use of false identification to collect the card.
Your statements will be sent to the new address and you won't be aware of the fraud going on on your card.