Sabric gives assurance on contactless bank cards

2018-10-09 06:00
Many now use the ‘tap and go’ system.PHOTO: Sourced

Many now use the ‘tap and go’ system.PHOTO: Sourced

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RECENTLY the “tap and go” card payment system has gained popularity among shoppers.

As easy as this system is, it has sparked mistrust among many local shoppers, especially in the wake of a video circulating on social media, this according to the South African Banking Risk Information Centre (Sabric).

Sabric, in cooperation with the South African Police Service (Saps), would like to allay any fears that bank clients may have about contactless bank cards.

Contactless technology was introduced for the convenience of cardholders and, while relatively new in South Africa, has been available in many jurisdictions for some time.

Stealing money by tapping a near-field communication (NFC) enabled Point of Sale (POS) device near enough to a bank client’s card is not likely.

Banks also monitor merchant transaction activity and conduct merchant site visits.

Should any irregularities be identified, an investigation will be launched immediately.

Despite these assurances, shopper Trisha Arnold said: “I am old-school and quite sceptical, so I would prefer to punch in a pin code. Tapping feels like I have no control and am easily open to fraudulent transactions. It’s my money so the choice should be mine. It’s what I am comfortable with.”

SABRIC urges bank clients to take note of the following tips to protect themselves from any typical scam:

- Ensure that you always tap the Point of Sale Device yourself, and that your contactless bank card never leaves your hand

- Report lost and stolen cards immediately

- Register for SMS notifications to ensure that you are alerted to any transactions on your account

- Always inform your bank immediately if any suspicious or unauthorised transactions are conducted on your account

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