Protecting yourself from card fraud

Card 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 without your consent, whether it’s through online scams, phishing calls, or traditional theft. But by staying alert and proactive, you can safeguard yourself from these risks and continue to shop with confidence.

How prevalent is card fraud?

• In 2023, £1.17 billion was lost to fraud in the UK.¹
• There were 2.97 million fraud cases reported in 2023.²
• £551.3 million was lost specifically to credit, debit, and payment card fraud.³
• 25% of all payment card fraud losses, totalling £134.5 million, occurred abroad.⁴
• Card identity theft accounted for 14% of all payment card losses in 2023.⁵

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

1. Phishing scams: Where a fraudster will send emails or texts impersonating your bank, asking for your card details.
2. Skimming: Where devices are attached to cash machines or card readers to steal your card information.
3. Card-Not-Present fraud: Where fraudsters use your card details to make purchases online or over the phone without physically possessing your card.

How to protect yourself

1. Stay vigilant: Be cautious when sharing your card details. Always verify the legitimacy of any request before providing information.
2. Monitor your accounts: Regularly check your bank statements for suspicious transactions, and report anything unusual right away.
3. Use secure websites: Ensure that any website you use for shopping is secure by looking for ‘https’ in the URL and a padlock symbol.
4. Be cautious with emails and texts: Never click on links or download attachments from unknown sources. Your bank will never ask for your PIN or password via email or text message.
5. Keep your card safe: Treat your card like cash. Never let it out of your sight, especially in public places.
6. Keep your PIN safe: Never store your card and PIN together and be aware of people attempting to watch you type your pin into cash machines and card readers.
7. Be aware of your surroundings: Technology is always improving, and fraudsters are now able to copy your card details without touching your card in some instances. This is called Radio Frequency Identification or RFID. Consider using an RFID blocking wallet or card to protect your most valuable cards from duplication. Client’s of Nedbank Private Wealth can request an RFID blocking card from us. Please ask your relationship manager for more details.

What to do if you suspect fraud

1. Contact your bank immediately: If you notice any suspicious activity, contact your bank right away. They can freeze your account and stop further unauthorised transactions. Nedbank Private Wealth clients can contact us at +44 (0)1624 645000 (Monday to Friday, 8am to 8pm UK time, except for UK public holidays) or +44 (0)20 8167 3223 outside these hours.
2. Change your passwords: If your card details have been compromised, update your online banking passwords and any other accounts that use the same password.

The best way to avoid falling victim to card fraud is by staying informed and knowing the warning signs. By taking simple precautions, you can significantly reduce your risk.

¹UK Finance Annual Fraud report 2024.pdf
²UK Finance Annual Fraud report 2024.pdf
³Annual Fraud Report 2024 | Policy and Guidance | UK Finance
⁴Annual Fraud Report 2024 | Policy and Guidance | UK Finance
⁵UK Finance Annual Fraud report 2024.pdf