Payment Card Breach; What it is and what to do when your card details have been exposed.

Imagine receiving your monthly bank statement only to notice several transactions you did not make or authorize. Also, picture trying to relax on the couch and receiving a flurry of text messages about activity on your card.

While there could be several causes of the scenarios above, one salient cause of card fraud is your card details being exposed in a data breach. This occurs when cybercriminals steal your card information which you have entrusted to a company. Sometimes you might receive notification from the company that your card details were involved in a breach, other times you might not be notified. Below are some steps you can take if you have been notified that your card details were involved in a data breach.

Steps to take if your card has been involved in a data breach

• Review the information contained in the company’s breach notice and take the recommended actions.

• Immediately call the bank or organization that issued you the card. Make sure you’re talking to a live person and explain the situation. Tell then to deactivate your card and if possible to freeze the account the card is connected to such that there can’t be any transactions done on it.

• Check your email or other electronic medium you receive billing statements to check for transactions you did not initiate.

It is possible for your card details to have been exposed in a data breach and for the incident to go unreported and consequently you’ll get no notification. In such a scenario, being conscientious and practicing good security is your best bet. Here are some preventive steps to take to ensure the safety of your funds.

Preventive and Protective steps to keep payment card data and funds safe.

• Use a virtual card – A virtual debit card is like a physical card, but the randomly generated number is linked to an underlying debit account instead of a credit card. They are used to make purchases remotely and to prevent fraud.

• Do not choose a PIN number you use for other purposes or that is personal to you, such as your birthday or anniversary dates as your card PIN

• Keep your payment card data private

Don’t display your card details when in public or using ATM machines. Do not give card PAN, CVV or PIN over the phone. Be suspicious of messages you receive over email, text, phone or social media, asking you to give personal information or click a suspicious link.

• Employ the use of a digital wallet – a payment system housed on your smartphone that makes it possible to conduct electronic transactions using your payment cards. Digital wallets use encryption, tokenization and authentication, they have the potential to be safer than carrying a credit/debit card. If you use a digital wallet, make your smartphone hard to unlock by requiring a passcode and fingerprint, where possible, and download an app to help you find your phone in case you lose it.

• Protect yourself online

You may be practicing basic online and mobile safety but consider taking these card measures as well as Knowing your merchant.

1. When shopping online, look for sites with “https” in their web addresses (the “s” stands for “secured”) and the green lock icon; make sure the URL includes the correct company’s name, rather than a close-but-not-correct version; and, even on a secured site, share your information only if you know how it will be used.
2. Type for each transaction. Never allow your card number to be stored on an online shopping site or on your mobile browser of merchants, so that if a merchant is hacked, it can’t leak your account number.

• Do not use public or Free Wi-Fi.

Don’t shop or conduct financial transactions, including checking your accounts, using public Wi-Fi. Because it’s a public network, your information can easily be viewed by anyone.

• Check your account often

Reviewing your recent account activity is fundamental to payment card safety—and it’s easy to do. You can check using the bank’s app, online or over the phone. Most card issuers also let you set up email or text alerts to inform you and your issuer about unusual activity.

• Report lost cards and suspected fraud right away

If you lose your payment cards or suspect fraudulent activities, contact your bank or card issuer right away. They can block your card and place a post-no-debit on your bank account.

Following all the steps judiciously should greatly increase your card security and protect you should you be involved in a payment card breach.

Contributors: Akpa Samuel Okai and Isinkaye Oluwayomi.