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:

  • Place an Initial Fraud Alert
  • Report Identity Theft

Protect Your Cards and Account Information

  • Don’t disclose your account number over the phone unless you initiate the call.
  • Guard your account information. Never leave it out in the open or write it on an envelope.
  • Keep a record of your account numbers, expiration dates, and the telephone numbers of each card issuer so you can report a loss quickly.
  • Draw a line through blank spaces on charge or debit slips above the total so the amount can’t be changed.
  • Don't sign a blank charge or debit slip.
  • Tear up copies and save your receipts to check against your monthly statements.
  • Cut up old cards cutting through the account number before you throw them away.
  • Open your monthly statements promptly and compare them to your receipts. Report mistakes or discrepancies as soon as possible.
  • Carry only the cards you'll need.
  • Don't carry your PIN in your wallet, purse, or pocket or write it on your ATM or debit card. Commit it to memory.
  • Never write your PIN on the outside of a deposit slip, an envelope, or other papers that could be lost or looked at.
  • Carefully check your ATM or debit card transactions; the funds for this item will be quickly transferred out of your checking or other deposit account.
  • Periodically check your account activity, especially if you bank online. Compare the current balance and transactions on your statement to those you've recorded. Report any discrepancies to your card issuer immediately.

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.

  • Identify the risks and train your team.
  • Consider internal risks before external.
  • Try to reduce risks by limited exposure of sensitive information.
  • Use fraud prevention tools.
  • Fraud screening of transactions.
  • Restrict unauthorized access.
  • Route transactions securely.
  • Define secure process of post authorization.
  • Secure card holder data using PCI-DSS.
  • Avoid unnecessary chargebacks and processing costs.
  • Plan effective collection to reduce loses.
  • Monitoring of chargeback issues.
  • Keep in touch with latest industry trends.

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.