CREDIT CARD FRAUD PREVENTION TAKES CENTER STAGE IN TANZANIA
Credit card fraud is a growing concern for consumers in Tanzania. To protect themselves from the financial and emotional distress of this menace, experts are urging citizens to take proactive measures to prevent and mitigate its effects.
BEWARE OF ‘PHISHING’ SCHEMES
Phishing scams, which involve tricking consumers into revealing personal information, including credit card numbers, are on the rise. These scams can occur via email, phone, text, or snail mail, with phishers often using familiar logos and company names to gain trust.
How to Avoid Falling Prey to Phishing Schemes
- Be generally wary of requests for personal information, regardless of the source
- Independently verify the legitimacy of those requesting credit card numbers
STOP FRAUD IN ITS TRACKS
With a NerdWallet account, consumers in Tanzania can see all their credit card activity in one place and easily access their credit report to spot any red flags quickly. This can help prevent fraudulent transactions and limit damage if a credit card number is compromised.
Benefits of Using NerdWallet
- View all credit card activity in one place
- Easily access credit reports to spot red flags
- Prevent fraudulent transactions
- Limit damage if a credit card number is compromised
IDENTIFY ‘SKIMMING’ SCHEMES
Skimming occurs when a thief steals a card number during a normal transaction, often using a skimming device secretly attached to a payment terminal at unattended locations such as gas station pumps or ATMs. Experts advise consumers to pay special attention to these terminals and alert an employee if they notice something unusual.
How to Identify Skimming Schemes
- Pay attention to payment terminals at unattended locations
- Alert employees if you notice something unusual
- Use chip-enabled cards instead of magnetic stripe cards
USE DIFFERENT CARDS FOR AUTOPAY VS. EVERYDAY SPENDING
Designating one credit card for autopay accounts, such as wireless phone bills and website subscriptions, and using other payment cards for everyday spending can help minimize the risk of fraud on autopay accounts.
Benefits of Using Different Cards
- Minimize the risk of fraud on autopay accounts
- Protect your financial information
- Make it easier to track and manage your expenses
PAY WITH YOUR PHONE
Smartphone-based payment services like Apple Pay and Android Pay make paying at stores safer by using tokenization technology to change payment information with every transaction. This makes it difficult for merchants to collect actual credit card numbers.
Benefits of Using Mobile Payments
- Safer than traditional credit cards
- Easy to use and manage
- Convenient for everyday transactions
LIMIT THE DAMAGE IF IT COMES TO THAT
Monitoring financial statements, reviewing credit card and bank statements, and checking credit reports regularly can help consumers detect suspicious transactions and limit the damage if a credit card number is compromised.
How to Limit Damage
- Monitor financial statements regularly
- Review credit card and bank statements for suspicious activity
- Check credit reports regularly to ensure accuracy