Financial Crime World

Tanzania’s Credit Card Fraud Epidemic: What You Need to Know

As credit card usage continues to rise in Tanzania, so does the risk of falling victim to card fraud. According to experts, the East African nation has become a hotspot for credit card scams, with thousands of unsuspecting citizens losing millions of shillings to fraudulent transactions every year.

Common Types of Card Fraud

Card thieves are using various tactics to steal card details and personal identification numbers (PINs). The most common types of card fraud include:

  • Card Theft Scams: Thieves steal cards or card information through shoulder surfing, robbery, or other means.
  • Skimming: Malicious individuals attach devices to ATMs or point-of-sale terminals to capture card data and PINs.
  • Fake Call Fraud (Social Engineering): Scammers pose as bank employees to trick victims into revealing their card details over the phone.
  • Application Fraud: Thieves apply for credit cards in someone else’s name, using stolen personal information.

Protecting Yourself from Card Fraud

To avoid falling victim to card fraud, follow these tips:

  1. Keep Your Card Details Secure: Protect your card details as if they were cash and don’t share them with anyone.
  2. Be Cautious When Providing Card Details: Verify the authenticity of websites and initiate calls when providing card details over the phone or online.
  3. Monitor Your Account Activity Regularly: Detect suspicious transactions by keeping an eye on your account activity.
  4. Choose a Secure PIN: Select a PIN that is easy for you to remember but difficult for others to guess.
  5. Avoid Using Sequential Numbers: Don’t use easily guessable number sequences like dates of birth, phone numbers, or sequential numbers as your PIN.

What to Do If You’re a Victim

If you’ve fallen victim to card fraud, take the following steps:

  1. Change Your Online Passwords and PINs: Prevent further transactions by changing your passwords and PINs.
  2. Monitor Your Account Activity Closely: Notify your bank immediately if you notice any suspicious charges.
  3. Report Lost Cards or Suspected Fraud Right Away: Inform your bank about lost cards or suspected fraud.

Staying Vigilant

To stay ahead of card thieves, ensure you receive banking alerts for every transaction done from your card and bank account. Review your billing statements regularly to detect unfamiliar charges and watch out for bills from unknown sources or accounts that you didn’t open.