Fraudulent Online Purchases

Protect Yourself Against Online Fraudsters

Definition

Fraudulent Online Purchases is also known as Card Not Present (CNP) fraud, which refers to a fraudulent transaction where neither the card nor the cardholder is present at the point of sale. CNP transactions can be conducted when orders for goods such as travel or accommodation are placed telephonically or by the internet.

Example

Someone uses your credit card details to make online purchases. The funds are taken from your account without your knowledge or consent.

Why You Need MyCybercare Cover

Depending on the nature of how funds are lost, banks will only refund consumers for loss of funds if it happens at a bank controlled pay point i.e. restaurant checkout, service station. But the banks will not reimburse funds lost if the money was taken because the consumer willingly provided their details i.e. online payment, in-app purchases, suspicious website, keystroke logging, clicking on a link that installed malware on their devices or specifically a Trojan.

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