Credit Card Fraud Prevention Tips for Iranians

TEHRAN - As credit card transactions continue to rise, the threat of fraudulent activities has become increasingly common. Despite banks’ zero-liability policies, victims of fraud often face a lengthy and frustrating process to resolve the issue.

Global Credit Card Fraud Statistics

• According to recent statistics, global losses due to credit card fraud reached $32.04 billion in 2021.
• By 2027, these losses are projected to reach $38.5 billion.

Simple Etiquettes for Safe Credit Card Use

To avoid becoming a victim of credit card fraud, Iranians can follow these simple guidelines:

• Keep login details secure:
  • Never share your credit card PINs, mobile application passwords, or internet banking passwords with anyone.
• Avoid paying upfront:
  • Be cautious of online scams asking you to pay taxes or fees for prizes, inheritances, or overseas investments. Never pay without verifying the authenticity of the scheme.
• Take time before making a payment:
  • Don’t rush into making payments without carefully considering the pros and cons of the product or service, as well as the legitimacy of the website.
• Be wary of phishing and viruses:
  • Phishing emails, phone calls, text messages, and snail mails often mimic familiar logos and templates. Never reveal credit card information to unknown sources.
• Identify skimming:
  • Be vigilant when using PoS devices at restaurants, fuel stations, or retail stores. If you notice anything unusual, report it immediately.
• Use different cards for autopay and everyday spending:
  • Keep a separate card reserved for autopay subscriptions and avoid using it for day-to-day transactions.
• Pay from mobile wallets:
  • Mobile wallets use tokenisation technology to ensure secure payments at stores.
• Set payment limits:
  • Adjust your credit card settings to set minimum payment limits for ATM withdrawals, PoS transactions, online payments, and contactless payments.

How Infosys BPM Can Help

In today’s digital landscape, banks can work together with credit card users to prevent fraud using AI-based technologies. Credit card fraud protection solutions can also help increase bank profitability and elevate user trust in the product.

Infosys BPM offers a range of services, including:

• E-commerce fraud management: Implementing fraud detection systems to identify suspicious transactions.
• PoS fraud management: Monitoring point-of-sale transactions for signs of fraud.
• Product counterfeit management: Identifying and preventing the sale of counterfeit products.

By implementing these solutions, banks can effectively combat fraudulent activities and provide a safer experience for their customers.