Customers can protect their identity by following the basic security precautions. Identity theft is the first threat in losing personal information and being misused. It’s a serious crime that can wreak havoc with customer’s finances, credit history, and reputation and can take time, money, and patience to resolve. Immediate step is to stop an identity thief from doing more damage. Follow these steps as soon as possible:
Protect Your Cards and Account Information
Despite the serious risk that fraud presents to business, most of the banks still do not have formal systems and procedures in place to prevent, detect and respond to fraud. While no system is completely foolproof, there are steps which can be taken to deter fraud and make it much less attractive to commit.
The Fraud Managementstarts by defining fraud and giving an overview of the extent of fraud, its causes and its effects. Banks need to set out the legal environment with respect to fraud, corporate governance requirements and general risk management principles.
The following steps should be identified as those that are most important to manage fraud risk. These steps serve as a general framework for the best practices.
With the growth in eBanking in Pakistan the importance of card holder data security has increased many folds as the incidents of data compromises have also kept pace and these incidents are showing an increasing trend.
Keeping this under consideration, 1Link Risk Management Department has been engaging its member banks for increased cooperation in data security and Fraud prevention.
In line with this initiative 1Link organised an awareness session on Card Holder Data protection and Payment Card Industry Data Security Standards (PCIDSS). This session was held on 16th August 2013 and was conducted by Mr. Irfan Akram, Security Consultant from TrustWave UK.