How to protect your bank card from electronic fraud?

Online bank card data theft scams are the most common type reported last year.

According to the US Federal Trade Commission, the total loss due to electronic bank credit card fraud amounted to $219 million in 2022, which requires caution not to fall into the traps of fraudsters.

bank cards

Bank card information is stolen through illegal data collection devices. Whether by disclosing financial information or using advanced technology via the magnetic chip on your bank card.

Bank card fraud has been active over the last decade, with the growth of online retail sales, especially in markets where there are insufficient guarantees, incompetence, skill, or leniency in securing bank cards, which causes double harm to the customer, the brand, and the electronic payment system.

 Multiple ways to hack bank cards

Microsoft's dynamics”365 platform” says that there are multiple methods of electronic fraud on bank accounts, whether by obtaining an account number and the expiration date of the bank card, or using a temporary address and false information to obtain a new card, then issuing fraudulent sales orders before the matter is discovered.

The most common way is electronic attacks to hack the customer's electronic or bank accounts and impersonate, then change the electronic address and deal comfortably on the bank account.

The most important tips to avoid electronic fraud

One of the most important tips provided by technology experts around the world in this regard is the need not to frequent unsecured websites, and not to enter the bank card number on unsafe or unknown sites.

Technology experts advise owners of bank cards not to deal with corporate websites that do not provide an adequate level of security, in order to avoid hacking into their bank accounts and stealing their money.

Phishing is the biggest danger

Email hacking is one of the biggest problems that lead to bank fraud, as the mail password is changed and all information on the account, which may also include the bank account, is stolen.

Hacking bank accounts does not only happen through e-mail burglary, but it may happen via phone or text messages, with the aim of identifying an individual's financial information.

National Bank of Egypt

In May 2022, the National Bank of Egypt, the largest banking institution in Egypt, warned its customers of anonymous mailings, which include the suspension of their accounts, and which ask the customer to click on electronic links or call fake numbers to activate the accounts again.

Banks do not ask for sensitive information related to account numbers or passwords, through phone calls or text messages. Rather, their messages, whether via phone or e-mail, are limited to the need to go to the nearest branch to deal with a solution to a problem as soon as it becomes available.

When bank accounts are hacked, the issuer of the bank card should be informed immediately, and action should be taken to stop it if it is confirmed that it has been stolen or lost.

It is necessary to review your credit reports, regularly, to ensure the correctness of withdrawals and deposits on your credit card.