Expert opinion

90% of card fraud cases involve the disclosure of personal data

  • Source: Globus Bank

Almost 90% of card fraud cases involve the disclosure of personal data. This was stated by Anna Dovgalska, Deputy Chairman of the Board of GLOBUS BANK.

dovgalska globus

Referring to the NBU data, she noted that in 2023, the amount of losses due to fraudulent use of payment cards exceeded UAH 800 million, which is more than 70% higher than in 2022. In addition, the number of questionable transactions increased by 25% during the analyzed period: it exceeded 270 thousand.

The expert drew attention to the fact that the vast majority of card fraud cases are related to the Internet under the guise of purchasing goods, paying for services, receiving “prizes”, etc. In 2023, online payment card fraud accounted for more than 83% of all recorded cases, and only 17% was due to fraud using technical means and devices in ATMs and self-service terminals.

The banker spoke about the security systems used in payment cards to prevent unauthorized use of cards. First of all, it is an identity verification system for transactions: using a personal code when logging into the mobile application, confirming purchase transactions and transferring funds via SMS with a one-time password or by re-authorizing in the mobile application.

Also, a verified call from the bank operator in case of suspiciously excessive card activity (but the bank operator will never demand disclosure of personal data).
Another important point for more reliable protection is linking the phone number (SIM card) to personal data (in other words, voluntary strengthening of customer identification).
“If we put aside the ingenuity of card criminals, we can say that technically payment cards are as safe, secure and reliable as possible for their users. The main thing is to always follow the rule - never disclose all the “original” information about the card: number, expiration date, CVV code, login and password to the banking application, received one-time passwords,” the expert said.

In her opinion, the main risks of losing money from the card lie in the lack of awareness or gullibility of citizens, for example, in dealing with letters and messages received from alleged “benefactors” who promise financial assistance, but for some reason require personal card details to receive it.
In addition to such fake SMS and mailings, according to Anna Dovgalska, fraudsters can make duplicate SIM cards (both physical and electronic) by obtaining access codes to mobile operator applications.

As the banker emphasized, citizens should also pay special attention to telephone fraud, which is a rather professional NLP-level “persuasion” to provide the necessary card details allegedly from employees of a financial institution. It is also advisable to be responsible when paying with a card on dubious Internet sites or disclosing personal data to fulfill the conditions for participation in some “profitable” or “win-win” lottery or contest.

“Obviously, the greater the number of active Internet users, the more frequent cases of online fraud occur. After all, not all new Internet users, especially middle-aged and elderly people, can recognize fraudsters, resist positive emotions (for example, offers to buy expensive goods for next to nothing) or, on the contrary, fraudsters' appeal to fears of losing money (for example, manipulative intimidation that the money from the card will “disappear”). That is why it has been and will remain important to conduct comprehensive explanatory work by financial institutions, raise awareness of fraudulent schemes among citizens, prevent any attempts by fraudsters to seize personal funds, and even reinforce warnings at the level of instinct,” emphasized Anna Dovgalska.

Speaking about the development of payment systems, the expert highlighted the main advantages of different payment cards:

Benefits of debit cards

  • Receiving salary, deposit payments, pension or social benefits.
  • Accrual of interest on the balance (a debit card can be used to store and accumulate funds).
  • It is possible to issue a virtual card without visiting a bank.
  • Convenience in paying for purchases, withdrawing cash from ATMs and making internal transfers without commission.
  • Online currency exchange (buy or sell foreign currency).
  • Use of cashback.

Advantages of credit cards

  • Thanks to the credit limit, it gives the client more financial freedom. That is, instead of saving up for several months, the desired product can be purchased at any time.
  • Interest-free period of using credit funds.
  • Issuing a virtual credit card without visiting a bank;
  • Receipt of funds to a card account with free use of credit without reference to the intended use.
  • Automatic determination of the credit limit.
  • Calculation without commissions and overpayments.

Advantages of universal cards

  • Use of own money or credit limit with a grace period without overpayments.
  • The ability to pay at all points of sale in Ukraine and abroad, as well as online.
  • Purchase of goods under the “Payment by installments” and “Instant installment plan” services;
  • The ability to make various types of transactions, including salary payments, purchases, money transfers, etc.

In her opinion, in the coming years, the main vectors of payment card development will be new effective ways to protect personal data and gradual universalization of cards, i.e. combining the basic, primary functions of cards for different needs in one card (especially for opening deposits and obtaining loans). In addition, the development of virtual cards will be important, i.e., the gradual abandonment of “plastic”. It is also quite possible that a gradual introduction of the “multi-currency” function in one card will be introduced, which will reduce the need to open a separate card to transfer currency to foreign bank cards or make purchases abroad.

“To one degree or another, the development of cards will be inextricably linked to the strengthening of the protection of personal data of customers. After all, user security is partly one of the elements of service and convenience. At the same time, the development of virtual cards as the most modern way of making contactless payments will increase significantly, while the use of plastic is expected to decrease. It can be predicted that amid technical developments, such as the ability to withdraw cash from an ATM using a QR code, more than 70% of all bank cards will become virtual in the next 2-3 years,” summarized Anna Dovgalska.

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The mission of the Association of Ukrainian Banks is to support the development of the national banking system. The AUB cooperates with the Verkhovna Rada of Ukraine on improving the legislation governing banking activities, and interacts with the National Bank of Ukraine on regulatory support for the functioning of banks and non-bank financial institutions. The CBA takes care of the professional development of bank employees, expands international relations with associations and banking institutions of other countries.



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