As the final quarter of the year approaches, the 'ember' months—September to December—usher in a season of heightened activity. Whether you're sealing business deals, indulging in festive preparations, or simply taking advantage of holiday promotions, it's a bustling time for everyone.
However, amid all the excitement, it's important to stay vigilant, as this period also sees a significant increase in fraud.
A recent report by TransUnion revealed that for transactions originating from Rwanda, financial services and retail had the highest suspected digital fraud attempt rate among industries analysed.
On a global scale, card-not-present (CNP) fraud is projected to reach $10.16 billion by 2024, according to Martin Sweeney, CEO of Ravelin. So, how can you safeguard your cards during this busy season? Here are some simple yet effective tips to help keep your cards secure:
1. Keep an eye on your transactions
It’s easy to overlook small charges when you’re busy, but those small charges could be a sign of fraud. Make it a habit to check your bank statements regularly or set up real-time alerts. Many banks, including Bank of Kigali, allow you to receive notifications for every transaction. If you’re not getting these, request them—it’s a quick win for your security.
2. Be smart about online shopping
With online deals and holiday promotions everywhere, it’s tempting to buy from the first site offering a discount. But before you hit "checkout," make sure the website is secure. Look for "https://" in the URL and a padlock icon to confirm it’s safe.
And don’t forget about phishing scams. Fraudsters can send emails that look exactly like your favourite retailer. If something feels off, double-check the sender before clicking on any links or entering your card details.
3. Protect your physical card
During this busy time, it's easy to lose track of things. When shopping in stores, always keep an eye on your card, and if you hand it over, make sure it comes right back to you. If you lose it, act fast—contact your bank immediately to block any fraudulent transactions.
4. Use technology to your advantage
Many banks now offer mobile wallets and card management features that make life easier. You can lock your card, report it as lost or stolen, or even pay bills—all from your smartphone. Bank of Kigali offers these features, so be sure to use them to protect your cards.
Also, make sure your online accounts are secure with strong, unique passwords. Password managers can help you keep track of them without the headache.
5. Stay alert for subscription and family charges
Beware of free trials. They seem harmless at first, but many turn into paid subscriptions if you forget to cancel them. Set reminders to avoid unwanted charges.
Another trap? Family members making purchases without realising the cost. I recently spoke with a cardholder who discovered that her son had racked up $1,200 on in-app game purchases in just one day. To avoid this, set parental controls and use two-factor authentication for purchases.
6. Watch out for public Wi-Fi
Public Wi-Fi is convenient, but it’s also a hacker’s playground. Avoid doing any banking or making purchases while connected to public networks. If you must, use a VPN to encrypt your data and keep it secure.
7. Report suspicious activity immediately
Time is of the essence when it comes to fraud. If you spot any strange transactions or suspect your card has been compromised, don’t wait—report it to your bank right away. The sooner you act, the quicker your bank can help resolve the issue.
Conclusion
The 'ember' months may be busy, but that doesn’t mean your card security should take a backseat. By staying vigilant, shopping smart, and using technology to your advantage, you can enjoy this season with peace of mind. Remember, your bank is there to help—don’t hesitate to reach out if something seems off.
Stay informed, stay secure, and make the most of this festive EMBER season!
The author is Head of Central Back Office at Bank of Kigali.
Views expressed in this article are of the writer.