Guard Against Skimmers
Find out what is skimming and how you can prevent it from happening to you.
There have been increasing cases in Singapore of credit card holders hit by fraudulent charges made on their credit cards. Card skimmers, who often work in syndicates, are behind these fraudulent charges. Find out more about skimming and how to protect yourself.
1. What is Skimming?
It is a process where Cardmember's details, and the security code on the card's magnetic stripe, is copied and transferred onto the magnetic stripe of a counterfeit card. The cloned card is then used to pay for goods, which are charged back to the Cardmember. Cardmember will not be aware of these fraudulent charges until they receive their credit card statement.
2. How can you protect yourself against skimming?
- Never part company with your card; try to ensure that all transactions are done before your eyes
- Do not allow anyone to swipe your card through any gadget in the name of a survey or product trial
- As soon as you receive your credit card statement, check it carefully for any unauthorised charges
- Report any discrepancy to the issuing bank immediately
Click here to read about how to protect your Card.