Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Beware cunning new twist on bank card PIN scams

media release –12 May 2014

Beware cunning new twist on bank card PIN scams

Bank customers will continue to be ripped off by scammers as long as they keep revealing their card PINs, says Banking Ombudsman Deborah Battell.

“The reality is scammers are very cunning at getting bank card PINs out of people who make matters worse for themselves if they use one PIN for multiple cards. A recent case highlights what can happen if you reveal a PIN that you use for more than one purpose,” Ms Battell said.

The complainant took a phone call at work from someone saying she had won a $1,000 retail gift voucher, and was asked for a four-digit password to redeem it. She gave three different passwords but each time was told it was taken. She was then given a random one.

At the time she didn’t know her handbag, with two EFTPOS cards and a loyalty card for the retailer supposedly offering the voucher, had been stolen. The voucher was a trick to get her bank card PINs.

“The complainant lost $6,000 because, in the first instance, she revealed her PINs. She was tricked into disclosing hers by a scammer who played on the fact people limit the number of PINs they have.

“As well as the number one rule not to reveal your PINs, for additional account security we strongly advise customers have unique PINs for each bank card and not use these for other non-banking purposes,” Ms Battell said.

The complainant wanted her bank to reimburse her but it wouldn’t because she was careless with her PINs, and had left her bag in an unsecure place. Despite this, the bank offered her a goodwill payment of half the amount.

She then complained to the Banking Ombudsman Scheme because she didn’t think the offer was good enough.

“We had some sympathy for her. The scenario appeared credible because she shopped with the retailer and the voucher was relatively low in value. But because our investigation found she contributed to the theft by revealing her PINs, we suggested she accept its goodwill offer as the bank was not obliged to reimburse her,” Ms Battell said.

For more information about card security, see our quick guide on Looking after your credit and debit cards and PINs.

Ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Export Values Down: NZ Posts Biggest Annual Trade Deficit In 7 Years

New Zealand has recorded its biggest annual trade deficit since April 2009, reflecting weaker prices of agricultural commodities such as dairy products, beef and lamb, and increased imports of vehicles and machinery. More>>

ALSO:

Currency Events: NZ's New $5 Note Wins International Banknote Award

New Zealand’s new Brighter Money $5 note has been named Banknote of the Year in a prestigious international competition. The $5 note was awarded the IBNS Banknote of the Year title at the International Bank Note Society’s annual meeting. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news