Lost, stolen or skimmed: Overcoming credit card fraud in South Africa

Abstract

A credit card is a convenient method of payment, but it does carry risks. The enormous growth in the use of credit cards has resulted in high levels of credit card fraud. Technological advances have allowed the perpetrators to produce counterfeit cards that resemble the genuine card so closely that it is difficult for shopkeepers, tellers, police and bank investigators to identify a fraudulent card. Identity theft and the exponential growth of the internet have further compounded the crime of credit card fraud by allowing for on-line purchasing, resulting in huge financial losses to the card industry and consumers alike. This article discusses credit card fraud in South Africa and offers information about the measures taken to reduce it.