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How to prevent identity theft and credit card fraud

Farhan Malik

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5 valuable ways to consider

Credit card cloning fraud increased 38% in 2020 compared to the previous year, which meant that cyber fraud generated losses of more than 8.5 billion pesos. And despite the fact that practically 90% of these types of crimes are resolved in favor of the user, the clarification takes up to 6 weeks or more to be solved.

In the crime of theft or identity theft, a third party takes without authorization the personal data of the account holder, to make purchases, contract credits, documents or any other financial benefit on behalf of the affected party.

In order to guide cardholders on methods to avoid the risk of identity theft, the following recommendations are compiled:

  1. CVV Dumps

Before entering the stores, it is important to know what the CVV code is for. The CVV code consists of two parts; the first is the magnetic strip that you slide onto your card, and the second is the actual numeric code most commonly found on the back of your card the CVV Dumps. When shopping online, since you cannot swipe the card to make the purchase, the CVV code number serves as a backup security measure to prevent fraud.

  1. Monitor the network

When making online transactions and paying by credit or debit card, it is best not to use public equipment such as internet cafes or unprotected wireless networks (open Wi-Fi). If you are going to buy online, you must use pages that have security certificates and that in the search bar have a padlock icon before the site address.

  1. Change passwords

As a healthy habit, at least three times an year, change passwords for all your devices and accounts, including email, your online banking passwords, cell phone or computer unlocking patterns, and even your network password. That you use to access the internet at home.

  1. Shield financial information on the cell phone

This includes installing only official apps from Google’s Play Store; or Apple’s App Store. Other apps, such as games that are installed outside of official stores, gain access to your information and can also display advertising or extract data, including your banking information.

In mobile devices it is also recommended to install some type of antivirus, especially if the phone stores vulnerable information in financial terms: account numbers, financial statements and password registration. IT security companies like Norton or Kaspersky have versions for smartphones.

Finally, avoid having Bluetooth active, as it gives access to the device. If you use a public network, avoid opening banking apps or e-wallets.

  1. Activate biometric verification data

By official provision, as of March 2020, all banks will be required to implement biometric elements, starting with taking a fingerprint, in the authentication of customers who open accounts and credits. It is also advisable to activate the restriction with biometrics of access to the smartphone operating system, such as fingerprint or facial recognition.