With Black Friday deals popping up on every corner, almost throughout November and even in December both at physical and online stores, it’s hard not to be tempted to make a good bargain and treat yourself to some great offers. However, this time of the year is also tempting for fraudsters and scammers to make their own bargain – thanks to your card account.
Phishing scams are becoming more frequent, especially during these peak seasons. Scammers engaged in this type of fraudulent activity may trick you into providing sensitive information via fake emails, websites, SMS’es and even personal phone calls. These appear to be from legitimate retailers you might have already used, financial service organisations or postal or courier service providers. Although scammers nowadays are in a better position to understand your retail habits and your preferred brands thanks to social engineering techniques with the help of AI, there are various ways that you can protect yourself.
The best way to be protected from phishing emails and websites is by being cautious with unsolicited communications and verifying the sender’s email address. Another tip is to research the seller, check for reviews, and verify the website’s URL for authenticity. If you’re out shopping at retail stores and malls, always take care of your surroundings, be sure to cover your PIN when entering it at a point-of-sale terminal while paying with a physical credit or debit card.
A safer alternative to paying with a physical card is by installing a digital wallet such as Google Wallet, Apple Pay or Garmin Pay on your smartphone. Apart from having to authenticate transactions through biometrics on your mobile device, digital wallets come with enhanced security, through tokenisation of the card. This means that once you enrol your card, a completely different “token” number to your card number is created. Every transaction affected through a digital wallet uses this token which has no relevant information to the card and fraudsters can’t do anything with it.
When shopping online, other forms of card fraud exist, such as phishing, identity theft, and connections that are not secure. Online purchases with a BOV Visa card, are protected with 3D Secure technology. This multi-factor authentication system requires users to approve transactions through push notifications, using either biometrics or PINs via the BOV 3D Secure App on a mobile device.
If you’re purchasing online through a familiar e-commerce website, do not be tempted to save your login credentials and card details for the next time you log in. Devices can be hacked especially if they’re not well protected against malware and viruses. This is even more threatening if you’re connected to a public wi-fi network. Do not trust unsecured sites which do not have an HTTPS server in their URL.
If you are a BOV cardholder and have fallen victim to card fraud, call 2144 0823 immediately and provide the Bank with all the information surrounding the suspicious transaction. Your card will be blocked immediately, a new one will be sent and a new PIN will be provided separately. In the meantime, file a police report, as the Bank might ask you for it.
When it comes to scams and fraud, prevention is better than cure, so make sure to keep updated with new scams, educate yourself on how to remain vigilant and be wary before providing sensitive information. Overall, bank cards are the most convenient means of payment as they eliminate the cumbersome habit of having to effect regular ATM withdrawals, and carrying cash in your pocket. So make sure to take full advantage of the flexibility and convenience they offer without taking unnecessary risks. Remember, banks do not ask for your card details, PINs, one-time passwords, multi-factor authentication codes or any personal information online or over the phone. It is also a good habit to check your account balance regularly, especially after buying online. Be vigilant about any suspicious activity and call the Bank on 2131 2020 whenever in doubt. Enjoy Black Friday offers but don’t risk turning your account balance in red!
Issued by Bank of Valletta p.l.c., 58, Triq San Zakkarija, Il-Belt Valletta VLT 1130. Bank of Valletta p.l.c. is a public limited company regulated by the MFSA and is licensed to carry out the business of banking in terms of the Banking Act (Cap. 371 of the Laws of Malta).