Financial Crime World

Credit Card Fraud Prevention Tips in Malta: What You Need to Know

As a frequent user of credit cards in local shops and online, it’s natural to be concerned about the threat of fraudsters who can replicate your card details and make illicit payments or cash withdrawals. But what are your rights as a consumer in Malta? According to experts, as a cardholder, you have responsibilities too - taking all reasonable steps to keep your card safe and informing your bank immediately if it’s lost, stolen, or unauthorized transactions occur.

Enhanced Security Measures

The good news is that banks in Malta have been introducing “chip and pin” or EMV compliant cards as part of the European drive for SEPA compliance. This new standard allows you to pay and withdraw cash throughout the SEPA zone with ease, but it also comes with enhanced security measures.

Keeping Your Card Safe

To stay safe, it’s essential to be aware of the terms and conditions applicable to your card and any changes that may occur from time to time. Make sure to:

  • Keep your PIN secret and avoid sharing it with anyone.
  • Inform yourself about the use of chip and pin cards at retailers.

Liability for Losses

In the event of a lost or stolen card, you may be liable for losses up to €150 if you haven’t taken reasonable steps to prevent fraud. However, banks will not hold you responsible for losses if you can prove that you weren’t grossly negligent or fraudulent.

Credit Card Fraud Prevention Tips

To protect yourself further, consider following these simple tips:

  • Always keep your PIN secret and avoid sharing it with anyone.
  • Inform your bank immediately if your card is lost, stolen, or unauthorized transactions occur.
  • Be aware of changes to your card’s terms and conditions and notify the bank of any suspicious activity.
  • Use chip and pin cards whenever possible, as they offer enhanced security.
  • Monitor your statements regularly to detect any fraudulent activity.

By following these simple tips and staying informed about SEPA compliance and EMV standards, you can enjoy the convenience of credit card payments while minimizing the risk of fraud in Malta.