Credit Card and Debit Card Theft

Cases of credit card and debit card fraud have increased significantly. Investigations show that this is mainly due to customer negligence: failing to take simple precautionary steps while conducting transactions.

Using your Republic Bank credit card with Chip and PIN technology

Using your Republic Bank credit card with Chip and PIN technology is very similar to using your BNETS card. At the terminals that have been converted to Chip and PIN technology, the merchant will insert your card into the terminal and leave it there during the transaction.

What is a Chip and PIN credit card?

It is a credit card that contains an embedded microchip. This microchip is encrypted and virtually impossible to copy. When used at merchants with chip-enabled POS terminals and at ATMs, you must enter your Personal Identification Number (PIN) to verify the transaction instead of signing a sales slip. The system validates the data on the microchip and the PIN ensures a more secure transaction.

Tips to avoid credit card and debit card theft

• Sign new cards as they arrive.
• Never write down or disclose your PIN to anyone, even if they claim to be from Republic Bank.
• Avoid using PIN numbers that are linked to your personal information such as your date of birth, address, phone numbers etc.
• Consider changing your PIN to something that is easy for you to remember. Also, consider changing it from time to time.
• If your PIN has been compromised, change it immediately.
• Always keep your card in sight as your account information can be copied and used illegally. This can deprive you of your available credit card limit, cause inconvenience, embarrassment and possible financial loss.
• Always ask the retailer to confirm the amount being debited from your card.
• After making a purchase, ensure that your card and receipt are returned to you and always in your control.
• Always keep your receipts. If you must discard them, either tear them into several pieces or shred them.
• Be careful when giving out your account numbers. Never give this information over the phone unless you have made the call.
• Check your credit / debit card statements.
• Inform your bank when you are travelling so that if your card has been compromised, you can be alerted.
• Do not leave your cards unattended whether in a public place, in your vehicle, or in your bag.
• Don’t keep your cheque books with your cards.
• Check your account balances at least once a week to ensure that your account is not being tampered with.
• Sign up for RepublicOnline Banking for 24hour access to your banking information.

Remember your finances are your responsibility so take that extra step to ensure the safety of your investments.