Types of fraud and how to prevent it

At Tabby, we strive to ensure that our customers have access to fair, flexible and secure financial solutions.

Unfortunately, even the most tech-savvy people fall victim to fraud as fraudsters have become increasingly creative and deceptive.

Below are some fraud types to watch out for, how you can avoid them and how you can report fraud. 

Types of fraud

  1. Phishing This is a type of online fraud that tricks people into providing sensitive information, such as passwords or credit card numbers, by acting as a trustworthy source. Phishing can be done through email, social media or malicious websites. Be mindful of texts or emails from known companies that ask you to provide your card details or personal information.
  2. Account takeover Criminals may gain unauthorised access to a victim's Tabby account by obtaining their login credentials, their device or other personal information. They may change account details, make unauthorised transactions, or use a Tabby Card for fraudulent purposes.
  3. Card-Not-Present (CNP) fraud This type of fraud occurs when a card is used for transactions where the physical card is not present, such as online or over-the-phone purchases. In this instance, fraudsters use stolen card information to make unauthorised payments.
  4. Triangulation This method of fraud involves a criminal establishing a deceptive storefront or seller account whereby they promote sought-after products at very low prices. After you pay for the product, you may never receive the item and your card information is now available to the fraudster. Any attempt to refund, exchange or cancel the order from the legitimate website or store may be unsuccessful, as they would not recognise the transaction being made by you. This is because the transaction would have been made by the fraudster who unexpectedly acted as a middleman. With this in mind, be sure to check the legitimacy of any website you transact with. 
  5. Pretexting Criminals deceive individuals by pretending to be someone they are not, such as a representative from a financial institution. They manipulate victims into providing their credit card information or other personal details.

Tips to prevent card fraud

  1. Never share your information
    • Verify any email communication with your bank or Tabby, especially communications which ask for bank details, contact information, passwords etc.
    • Never share your Tabby Card details or Tabby account password with anyone. Doing so puts you at risk of fraud and any resulting financial loss will be your responsibility.
    • Never share your PIN, CVV or OTP with anyone.
  2. Keep your passwords safe
    • Ensure passwords are not easy to guess and are different across all accounts. Use a combination of numbers, letters, and symbols in your password and change your password regularly.
    • Never share your PIN with anyone.
  3. Exercise due diligence
    • Regularly check all transactions on your account and messages received from your bank and Tabby.
    • Be cautious when making purchases at the checkout for anyone who might be trying to look at your PIN or password.
  4. Get in touch if you’ve lost your phone 
    • If you’ve lost your phone, get in touch with us to freeze your Tabby Card.

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