Debit and credit card fraud is when someone steals both your PIN and card information and proceeds to use it without your permission.
Fraud can happen in a number of ways. A hacker can steal your card information by:
- swiping your card through a device that reads and records your personal information from the magnetic stripe;
- obtaining your PIN by looking over your shoulder at a POS terminal;
- sending phishing emails claiming to be your financial institution and encouraging you to provide your PIN;
- using devices that jam your card in an ATM and posing as a ‘helpful’ stranger suggesting you try putting your PIN in. After you leave they can remove your card from the machine; or
- having fake machines in place to collect your personal information and PIN to send back to the hacker.
If your card is lost or stolen, monitor your transaction statements for purchases made with tap and contact Copperfin Credit Union right away.