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Combatting Credit Card Fraud in Bermuda: HSBC Introduces Credit Card Alerts

In an effort to protect its customers from the growing threat of credit card fraud, HSBC Bank Bermuda Limited has introduced a new feature called “Credit Card Alerts”. This innovative system detects and alerts customers of potentially fraudulent transactions on their accounts, minimizing the risk of financial loss.

The Growing Threat of Credit Card Fraud

According to global reports, credit card-related fraud losses reached an alarming $5 billion in 2019 alone. In Bermuda, residents are all too familiar with the risks posed by card skimming devices at local ATMs, which can be used to create “dummy cards” containing customers’ magnetic stripe information.

The Need for Enhanced Security

Despite a marginal decline in global fraud losses due to the adoption of chip and PIN technology, most fraud losses still occur when cards are not present during online or telephone purchases. HSBC’s Credit Card Alerts aims to bridge this gap by providing customers with real-time notifications via email whenever international, local, or online transactions are made on their accounts.

Enhanced Security Features

The system allows customers to customize their alerts by:

• Transaction type
• Amount
• Limit amounts

Providing customers with greater control over their financial transactions.

Customer Sign-up and Complimentary Service

HSBC customers can learn more about Credit Card Alerts and sign up for this complimentary service online.