Tips for preventing bankcard fraud
As there are several ways of stealing identities or cards in the market, we would like to provide you with some useful information on how to protect your Loyal Bank bankcards and PIN codes.
How to protect your Loyal Bank bankcards?
- Upon receipt of your card, immediately sign the signature strip on the back
- When your card expires, destroy it by cutting it in half
- Never let anyone else to use your card
- Keep your card in a safe place
- Save all of your receipts so you can refer to them at a later time and never discard your receipt in a public trash container
- Keep a copy of your bank card at home in a safe place in case you ever lose your cards or have them stolen
- Be very careful to whom you give your debit card. Don't give out your Loyal Bank debit card number over the phone unless you initiate the call and you know the company is reputable. Never give your card details out when you receive a phone call (for example, if you're told there has been a "computer problem" and the caller needs you to verify information - this is a common scam). Legitimate companies will never call you to ask for a card number over the phone.
- Never respond to any emails that request you provide your card details and PIN via email -- and don't ever respond to emails that ask you to go to a website to verify personal (and debit card) information, even if it looks like it is from Loyal Bank. These are called 'phishing' scams. Loyal Bank will never contact you asking for this information.
- Shred or burn all unsolicited or unwanted credit card applications you receive ( don't just throw them away - a scammer could recover them and apply in your name ).
- Keep a list in a secure place with all of your account numbers and expiration dates, as well as the phone number and address of each bank that has issued you a debit or credit card. Keep this list updated each time you get a new debit or credit card.
- Only carry around cards that you absolutely need. Don't carry around extra credit cards that you rarely use.
- Always void and destroy incorrect receipts.
How to protect your PIN?
- Keep your PIN secret from anyone
- Never tell anyone else your PIN or let anyone see you enter your PIN when you use your card at ATM or POS
- Use ATMs during daylight hours if possible, or choose a location that is well-lit at night and ensure that no one is standing close to you when making the transaction
- Do not write your PIN on your card
- Memorize your PIN and keep it separate from your bankcard (never keep it in your wallet with your bankcard)
- Do not disguise your PIN by recording it as an easily understood code (i.e. as a "phone number" on your cell phone)
How to avoid the unauthorized copying of a bankcard?
Unauthorized copying of information found on the magnetic stripe on the back of the bankcard (such as your Loyal Bank MasterCard debit card) is called "skimming". The thief can procure a victim's card number using basic methods such as photocopying receipts or more advanced methods such as using a small electronic device (skimmer) to swipe and store hundreds of victims' card numbers. Common scenarios for skimming are restaurants or bars where the skimmer has possession of the victim's credit card out of their immediate view. It is difficult for a cardholder to detect "skimming" but you can safeguard yourself against it by following the steps below:
- Never leave your MasterCard debit card unprotected from unauthorized access
- Don't let anyone walk out from your side to process a transaction
- Always watch your card being swiped through a card terminal
- If a transaction fails or is cancelled, ask to see the cancellation receipt
- Keep all purchase receipts
- Check your transactions on-line or on your bankcard statements on regular basis
- Request for SMS notification service and you will receive an SMS whenever a debit or credit transaction is made on your account
- Look out for unusual devices, as an illegal device may be hand-held or stored near the legitimate card terminal
How to make your online purchase safe with your Loyal Bank MasterCard debit card?
- Guard your personal information and do not provide anyone personal passwords.
- Print (or save) all information about online purchases
Notify us immediately:
- If you discover that your card, PIN or both have been lost, stolen or used by someone else.
- If unauthorized or suspicious transactions were made by using your bankcard's information
Loyal Bank is not liable for losses which occur as a result of unauthorized use of your bankcard and PIN unless the damage arose after the date when such bankcard had been correctly stopped.