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Virtual cards, an alternative to avoid fraud and cloning

scamcardfrontThe cloning of credit and debit cards and unrecognized charges are the main reasons for financial institutions to seek to deal with this phenomenon through virtual cards, VeriTran said.

In a statement, the company in digital banking solutions explained that through the generation of dynamic data, these cards have the quality of working to carry out specific transactions for a certain time and, if they are dealt with for another purpose, they expire and do not allow to make the purchase.

It explained that this will prevent the original customer data from being exposed and prevent fraud and possible cloning.

It said that according to figures from the National Commission for the Protection and Defense of Financial Services Users, during the first half of this year the amount for cyber claim was more than 2,183 million pesos.

In this sense, credit and debit cards totaled 494 thousand 414 and 303 thousand 875 claims, respectively, while charges not recognized for consumptions were the main cause of complaints with 809 thousand 672, it said.

On the other hand, one of the most frequent frauds is cloning, which consists of reproducing the data and security elements of banking plastics, without the consent of the owner; this happens with the constant use in electronic devices that do not have enough security at the time of passing the card, VeriTran added.

Source: notimex

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