Financial Crime World

Mozambique’s Financial Institutions Tighten Security Measures

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In an effort to combat fraud and protect customers’ sensitive information, Mozambican financial institutions are implementing stricter security measures across various channels.

Banks Urge Customers to Exercise Caution

When applying for payment cards, banks are advising customers to:

  • Carefully review general and specific conditions before signing up
  • Ensure that the card combines multiple functions (debit and credit)
  • Clarify circumstances under which these functions can be used

Upon receiving a card, customers are advised to:

  • Sign the back of it
  • Memorize their PIN
  • Destroy the envelope with its registration
  • Never write the PIN on the card or any other support near it

Card Usage Precautions

When using a card, customers should:

  • Keep it in good condition
  • Avoid placing it near electronic devices, heat sources, or magnetic surfaces that may damage the information on the card
  • Not use credit cards beyond their set credit limit
  • Always enter their PIN in private conditions

Security Measures for ATMs, POS Terminals, and Digital Channels

Customers are advised to:

  • Verify the integrity of these devices before use
  • Never accept help from strangers while making transactions

Specific precautions for each channel include:

  • At ATMs:
    • Ensure that the device looks normal, with no visible signs of alteration or physical damage, especially at the opening to insert the card
  • When using POS terminals:
    • Verify that the figure shown on the display corresponds to the price of the good or service purchased before entering your PIN
  • In digital channels:
    • Do not access internet banking through existing links in email messages or search engine results
    • Always write the intended address in full

Check Security Measures

When using checks, customers are advised to:

  • Verify if their account has sufficient funds available to pay the check
  • Respect pre-printed descriptions on the check
  • Never issue a check with amendments or erasures

Conclusion

Mozambican financial institutions are taking proactive steps to protect customers’ sensitive information and prevent fraud. By following these security guidelines, customers can help ensure their financial transactions remain secure and confidential.