FNB lauches second annual VISA Card Safety Week

Over time, cards have increasingly become a popular way of paying for goods and services in Zambia. FNB Zambia in conjunction with VISA this morning hosted a breakfast media briefing to launch the second annual VISA Card Safety Week at the Taj Pamodzi Hotel in Lusaka.

The media briefing was aimed at offering consumer safety tips and alert Zambians to fraud trends ahead of the festive season holidays amid increasing use of online purchases and transactions.

Speaking at the event, FNB Zambia Head of Enterprise Risk Mako Ndumba said his bank has forecast that the value of card transactions will, in the coming years, exceed the value of cash purchases amongst the Zambian population.

“We are seeing extremely strong growth in consumer card usage, transaction volumes are up 78% when compared to a year ago. Part of the success of card payments is the security and convenience of using a card for everyday payments,” he said.

“At the same time, buying goods online or at a retailer’s Point of Sale (POS) is also cheaper for our consumers. However, we also need to educate consumers with tips on how to prevent card fraud.”

Salome Makau, Country Manager for Visa in Zambia, said: “As cardholders demand quicker and more convenient methods of payment both at point of sale and online, ensuring payment security and consumer trust in using cards, as a method of payment, is one of Visa’s highest priorities.”

As a leader in payment technology, Visa is committed to making an already secure system, even more secure. Which is why new Visa cards have a microchip that works with a personal identification number (PIN). Chip and PIN technology has had a significant impact on reducing counterfeit fraud and is already in place in over 86 countries around the world.

“PIN security is the single strongest defence against card fraud. As long as your PIN is a secret, nobody can use your card at a retail POS. Unfortunately, when you give your PIN to a family member, or if you write down your PIN and keep this note near your card, you have lost all confidentiality and should change your PIN at one of our branches, ATM’s or FNB Online as soon as possible,” adds Ndumba.

From FNB’s perspective, skimming and cloning also remain some of the big threats to customers. The bank urges its customers to take care when making purchases or at an ATM. Fraudsters will try to distract them in order to obtain their card for a few seconds to skim details on the magnetic stripe, they then view customers entering their PIN.

“PIN-enabled transactions are deemed to be authorised by the account-holder. Should a dispute arise on a cash withdrawal or a purchase, and the PIN has been used, the bank will consider this to be a legitimate transaction and will investigate to determine if the card has been cloned. If there was no skimming and cloning, the bank will not refund the customer. Thus, PIN security is one of the highest priorities in preventing card fraud,” says Ndumba.

With a few simple precautions, a debit card with a smart Chip and PIN is extremely secure, is safer than carrying cash and is set to become the dominant transaction mechanism replacing both cash and cheques.

Increasingly, FNB is noting that its debit cards are being used for very small-value transactions as, for many customers, these transactions do not attract charges.

“FNB is actively driving greater card usage and cashless banking with our no-charge per transaction pricing. FNB further implements behind-the-scenes security measures on customer accounts and has investigations teams to support customers.”

“We urge everyone to increase their awareness of the different types of card fraud occurring and to take precautions when making payments in both foreign and familiar surroundings,” said Ndumba.

Visa and FNB Zambia aim to raise awareness on the ease and benefits of transacting by card and the following forms of fraud:
•    Skimming and cloning
•    Safety precautions for PINs and safeguarding your personal information
•    The Unusual Suspects – identifying the not-so-obvious fraudsters and scams
•    Online shopping security

A zero-tolerance stance towards all types of card fraud is a key commitment for both FNB and Visa. Both companies remain committed to seeking solutions that protect consumers and retailers against these.