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  • Visa Study Shows South African Consumers Have High Awareness Of Fraud, But Still A Need For Education

    14 Mar 2012 by Jasmine Stone in Crime, Economics


    In an effort to increase awareness around debit and credit card safety, Visa and First National Bank (FNB) have teamed up to highlight the importance of card security to better educate consumers and protect them against fraud.

    Through an annual campaign running this year from the 13 – 16 March 2012, the Visa FNB Card Security Week aims at driving awareness among consumers about card and transaction safety while enjoying the benefits and convenience of electronic payments.

    A new local consumer survey by Visa, one of the world’s leading electronic payments providers, has unveiled insights into consumer’s perceptions around payment card safety and security levels. According to the research, ATM fraud, identity theft and point of sale fraud were identified as the most common types of fraud consumers were aware of.

    According to Henk Vermeulen, FNB Card Fraud Specialist, “Our FNB data supports this by illustrating that FNB credit card fraud has decreased by 56 percent from four years ago.”

    “Visa and FNB continue to invest in cutting edge technology to provide secure means of transacting,” said Bryce Thorrold, Head of Risk for Visa in Africa. “Verified by Visa is a security system that tells online retailers and banks that you are a genuine cardholder when you shop online. It allows you to use a personal password to confirm your identity and protect your Visa card when you use your card on the internet, providing greater reassurance and security.

    Visa has issued more than 30 million** chip-based cards across the Central & Eastern Europe, Middle East and Africa (CEMEA) region, in markets ranging from Russia to Egypt to South Africa. Fraud rates within the Visa system are at the lowest they have ever been, at just over three cents for every $100 transacted in their Asia Pacific, Central Europe, Middle East and Africa region.

    Interestingly, only seven percent of respondents from the survey said they had been a victim of fraud, while 20 percent had a family member who has been a victim of crime in general. Debit cards (20 percent) and voucher payment forms (20 percent) and came out as the safest ways to pay for goods.

    Respondents identified that the responsibility for the prevention of fraud lay primarily with banks (60 percent) and secondarily with consumers using the card (40 percent).

    Prevention and vigilance is key to the continued safety, reliability and convenience of electronic payments, and Visa’s annual campaign with FNB helps provide customers with information to help them become more fraud savvy.

    If you are concerned that you are a victim of fraud, contact the below teams for assistance.

    Online Fraud Team
    Telephone Number: 087 575 0011
    Email: risk.online@fnb.co.za

    FNB Card Cancellations
    Telephone Number: 0800 110 132
    Visa Global Customer Assistance
    Telephone Number: 0800 990 475

    *The study was conducted by Ask Afrika and involved 350 participants all of whom are banked
    ** As of DEC, 2010. As reported by member financial institutions globally and therefore may be subject to change.

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