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Understanding Credit Card Fraud and How to Safeguard Against It

Cybersecurity and Credit Card Fraud in Singapore

Singapore Faces Rising Threat of Credit Card Fraud: How to Protect Yourself

Singapore has been grappling with a surge in credit card fraud cases in recent years, with the Singapore Police Force reporting a staggering 2,782 cases of credit card fraud in 2020 alone, resulting in a collective loss of over S$16 million. This alarming trend is not unique to Singapore, as US adults lost a record US$10 billion to fraud in 2023.

Credit card fraud typically involves unauthorized transactions made with someone else’s credit card or card details. Fraudsters employ various methods such as hacking into databases, using skimming devices, phishing scams, and stealing physical credit cards to obtain credit card information. Once they have this information, they can make purchases online, in physical stores, over the phone, and even create counterfeit credit cards.

To protect yourself from falling victim to credit card fraud, it is crucial to take proactive measures. Here are some tips to safeguard your personal financial data:

1. Regularly Review Your Credit Card Statement: By monitoring your debit and credit card transactions online regularly, you can quickly identify any fraudulent activities and report them to your bank. Setting up automated alerts for real-time transaction notifications can also help you stay vigilant.

2. Sign Up for Credit Monitoring Services: Consider purchasing Credit Bureau Singapore’s My Credit Monitor service, which alerts you when a bank updates your credit information. This can help you detect any unauthorized credit applications made using your personal information.

3. Use Two-Factor Authentication: Enable two-factor authentication for online services whenever possible to add an extra layer of security to your accounts. This additional verification step, such as a one-time pin code sent to your email or phone, can prevent unauthorized access to your accounts.

In addition to these tips, it is essential to be cautious when downloading mobile apps, avoid sharing payment information via insecure channels, and verify the legitimacy of websites and social media profiles before providing any confidential information.

By staying informed and implementing these protective measures, you can reduce the risk of falling victim to credit card fraud and safeguard your financial identity. Stay vigilant, stay safe.


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