Internet-based credit card fraud on the increase – 07/06/2019

 

Fraudulent credit card transactions from Internet-based vendors have been on the increase recently with the names of payment agencies such as PayPal appearing on the credit card statements, as inidcated on this Nedbank statement recently. Nedbank admitted that they have a problem with these particular Paypal transactions of late and have bene re-mbursing customers that have suffered  these losses.

Most of the banks make it a condition that you need to report fraudulent transactions to them within 30 days of the transactions taking place in order to be reimbursed. One also cannot rely on the text message notifications on your mobile device to become aware of fraudulent transactions as these particular transactions indicated below didn’t get transmitted in a notification to the account  holder on their mobile device.

It is therefore important to check all bank statements on a regular basis – at least monthly – in order to detect any fraudulent transactions and stand the chance to get reimbursed for for them. This goes for all types of accoiunts and not just credit cards.