Metrobank advises our clients to make a habit of checking their online bank accounts regularly. Apart from monitoring your total balance, you should go through each of the transactions in your account to make sure nothing is amiss. Any discrepancy, no matter how minute, could be a red flag for a bigger credit or debit card fraud that is waiting to happen.
Many people, both here and abroad, have reported instances of their bank accounts being wiped clean without their knowledge and purchases being made in countries they’ve never even been to. But how can this be possible if the card in question is sitting right in their wallet?
Obtaining your digits
Sadly, fraudsters no longer need your physical card in order to make fraudulent purchases. They can obtain your credit or debit card details in several devious ways. One of the most common methods is using a skimming device. A skimming device is attached to an ATM or even some credit card terminals and it downloads all your card information. This data is then either sold online or used to make fraudulent purchases. Hackers can also steal your card information through malware. Infected computer systems, like that of a merchant’s you’ve recently purchased from, will then have holes in the security, allowing hackers to steal the card information as the data passes through the authorization process.
Using your information
Once they have your credit card information, they’ll likely encode it onto a credit or debit card that’s been wiped clean of its original data. They can then virtually use any card that has a magnetic stripe, such as a hotel room key or even subway key.
Fraudsters may not even need a physical card in order to make purchases in your name. In the age of online shopping, all they have to do is enter your details into the field, and voila.
Are credit and debit cards still safe?
Just because fraudsters and scammers exist doesn’t mean you should lose your trust in credit cards. Metrobank works very hard to protect all our clients against fraudulent activities. There are a number of security processes we have in place to minimize the occurrence of banking fraud. We also release regular updates on the latest scams so that our clients know what to look out for.
Debit card and credit card fraud prevention and protection
There are also a number of ways you can protect yourself against credit card fraud including:
1. Knowing how to spot skimming devices
Knowing what a skimming device looks like will save you from being the next victim. Skimming devices can look like:
- A plastic card reader that is attached over the card receiver in ATMs and other card terminals
- Hidden cameras installed close to an ATM that can capture your card number and PIN
- ATM faceplates that are placed over an ATM keypad to capture how you input your PIN
2. Watch out for signs of tampering
Carefully check the ATM or card terminal before using it. If there are multiple scratches around the card slot, a plastic device by the hole, or there is any foreign material attached to it, it could possibly be a skimmer. You’d also want to look out for tiny holes in the ATM terminal that could possibly be an indicator of a hidden camera or any loose wires around the machine.
3. Review your bank accounts daily
Even the smallest discrepancy can be an indication of a bigger fraud attempt that may happen. Sometimes, fraudsters will make a small transaction just to see if it will go through and if it will be flagged. If it goes unnoticed, this gives them the go-signal to purchase more expensive items using your card information.
Reporting credit card and debit card fraud
Report debit card or credit card fraud right away so that Metrobank can work on your case as soon as possible. Call us immediately and report the fraud incident to (02) 88-700-700 or 1-800-1888-5775. You can also email us at customercare@metrobank.com.ph using “Report on Possible Fraud” as the subject.
Help us #FightFraud
Metrobank takes fraud seriously. You can be part of the fight. Browse through our articles and learn more about how we can work together to fight fraud.