Money management
Card and digital wallet fraud is on the rise, but staying informed can help you stay protected.
In today’s digital world, the risk of card theft has expanded beyond just physical stolen cards, with online threats now playing a bigger role.
Fraud happens when someone uses your card details or digital wallet without your consent, whether it’s through online scams, phishing calls, or traditional theft. Understanding the risks can help you protect yourself and spot warning signs early.
How common is card fraud?
- In 2025, £1.28 billion was lost to fraud in the UK
- Over 4 million fraud cases reported in 2025
- There were 3.81 million cases involved unauthorised fraud, including payment card fraud
- Remote purchase fraud remained the biggest card fraud threat, causing £423.5 million of losses through the misuse of stolen card details online
- Bank prevented £1.68 billion of attempted unauthorised fraud through security controls and monitoring
These statistics highlight the growing trend of card fraud, with criminals always finding new tactics to try. But the good news is, there are plenty of ways you can protect yourself and stay one step ahead.
Common types of card fraud
- Remote Purchase (Card-Not-Present) Fraud
Using stolen card details to make purchases online, in apps or over the phone. - Phishing, Smishing and Vishing
Impersonating trusted organisations to steal personal and banking information. - Digital Wallet Fraud
Adding stolen card details to a digital wallet and using them for purchases. - Card Identity Theft
Using stolen personal information to open or take over card accounts. - Card Skimming and Card Cloning
Copying card details from cash machines or payment terminals to make fraudulent transactions.
How to protect yourself
Staying protected from card and digital wallet fraud starts with being cautious.
Fraudsters often create a sense of urgency to trick people into sharing sensitive information, so always take time to verify unexpected calls, texts or emails independently. Nedbank Private Wealth will never ask for your PIN, password or full one-time passcode (OTP), so never share these details with anyone.
When shopping online, use trusted retailers and secure websites, avoid clicking links in unexpected messages, and be wary of deals that seem too good to be true. Keep your card, mobile phone and banking apps secure, protect your PIN, and contact Nedbank Private Wealth straight away if you receive an unauthorised digital wallet notification.
What to do if you suspect card or digital wallet fraud
If you believe your card details have been compromised, contact Nedbank Private Wealth immediately and, where possible, freeze or block your card using your banking app. Check your recent transactions and digital wallets for any activity, cards or devices you do not recognise.
Remove any compromised cards from digital wallets, request a replacement card if necessary, and report any suspicious activity straight away.
While fraudsters continue to evolve their tactics, taking simple precautions can help keep your card details, digital wallets and finances secure.
Sources:
