Contactless payment methods, such as tapping your card, smartphone or smartwatch, have become very popular, but fraudsters are exploiting this convenient tech feature.
According to the Ombudsman for Banking Services, digital wallet payment fraud is on the rise, with criminals linking information on stolen cards to their smart devices.
In most cases, digital purchases don't require a one-time pin to complete a transaction. This also makes it easier for criminals to make fraudulent purchases. "This is a clear indication that an international crime syndicate is operating within this space and has South African consumers in its sights."
The fraudster's smart device is then used to make purchases from victims' accounts and OTPs are not sent to cardholders to validate the transactions. "Thereafter, the fraudsters device can be tapped at POS machines allowing transactions to take place on the card with no further verification required for the approval of the individual purchases from the bank customer," Steyn said.Be cautious of any unsolicited communication requesting an OTP;
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