Polaris Bank Fraud Knowledge Base

Electronic Banking Fraud (Internet and Mobile banking)

Electronic Banking and other forms of online fraud happens when the logon credentials of customers is compromised. Compromise could happen in one or more of the following situation:

Card Present:

This is when your card is lost or stolen and used by a third party to purchase goods or to remove cash from the card. This can also take place when a dishonest merchant undertakes unauthorized duplicate transactions on your card.

Card not Present:

This is when a fraudster uses your card details online or over the phone without the card being present. Your details may have been compromised electronically or obtained by fraudsters who persuade you to disclose them via a phishing email or telephone scam. Counterfeit Card: This is where your card is fraudulently reproduced in order to use the balance to obtain a financial advantage.

Electronic & Online Fraud Prevention Tips.

  1. Keep your passwords, answers to security questions, PINs and any other personal information secret. Do not disclose them to any one or write them down.
  2. Do not choose a password that is easily identified with you (for example, your date of birth, telephone number or your name or any part of it).
  3. A password should have a minimum of eight characters, be as meaningless as possible and use uppercase letters, lowercase letters and numbers.
  4. Change passwords regularly, at least every 30 days.
  5. Do not give out your password to anyone! Be wary of unsolicited calls or emails requesting personal information or card numbers.
  6. Keep your computer browser (e.g. Internet Explorer, Firefox), and product software (Microsoft Office/Adobe flash, etc.) up to date. Software providers frequently develop updates and patches to address new and developing security threats. Make sure the computer you use for online shopping has the latest anti-virus software and firewall protection.
  7. Check whether the online store you are buying from is reputable and genuine. If you are making payments, look for signs that the website protects your data. You should look for a padlock sign on the browser's status bar or a URL for a website that begins "https:" (the "s" stands for "secure") on the web page where you enter your personal information.
  8. Never email your financial details. Email isn’t a secure way of transmitting financial information like your bank details or credit card numbers.
  9. Do not open email attachment from unknown sources.
  10. Do not click on a link to access internet banking. Rather type the URL www.polarisbanklimited.com on your address bar to access our internet banking.
  11. Always log out from your Internet banking session when you have finished and close the browser.
  12. Do not leave your computer unattended or idle for a long period of time.
  13. Never click the 'save my password/details' option sometimes offered.
  14. Polaris Bank will never ask you to provide your PIN to any staff member or send you an email or SMS requesting you to update your personal details.
  15. Passwords will only keep outsiders and fraudsters out if they are difficult to guess! Don't share your password, and don't use the same password in more than one place.