Be Secure with your SmartCard
Being customer of İktisatbank means that you and your banking experience is confidential and secure for both manual and online transactions. However we would like to remind you about important principles.
Common Types of Fraudulent Cards
Distorted / Counterfeit Card
Distorted cards, the name, the card expiry date, the card number and/or the magnetic strip has been tampered with. As a result this card would be classed as a dummy card. Dummy cards do contain a real card number. The real number is written on the front of the card and can also be seen on the magnetic strip on the reverse of the card. However the card may be missing some of the features of a real card. Our merchants should always use Chip & PIN to process transactions as well as obtain a signature from the client on the invoice or payment slip. The signed slip or invoice should be kept safe for any future possible reference or dispute.
Lost / Stolen Card
This is a card that has been lost or taken from the rightful owner and being used for fraudulent purchases or transactions. In these instances should our merchants notice that the person is acting strangely, under stress, uses incoherent speech they should request to see the identification of the card holder and compare this against the name on the card. Our merchants must process the transaction using the Chip & PIN process and obtain a signature from the client on the invoice or payment slip. The signed slip or invoice should be kept safe for any future possible reference or dispute.
Mail Order / Telephone FraudThis type of fraud is related to the cases when a person who does not own the card uses the card number (generally together with the expiry date and the 3 digit security code on the reverse side of the card) to make a purchase via mail order or over the phone.
- Any of our card holders should not divulge card information to any 3rd party including bank personnel, if the following occurs the card should be reported as lost or stolen to the bank immediately.
- Any of our merchants should obtain a signature from the client on the invoice or payment slip. The signed slip or invoice should be kept safe for any future possible reference or dispute.
If you are just starting to work with cards or simply want to refresh your knowledge of the security rules and information the below list will give you some hints for protecting your company.
Become Card Fraud Scouts
If your client presents you with a card that has only a magnetic strip your staff needs to be aware of the following information.
- Check the long embossed number on the front of the card
All of İktisatbank Smart Cards begin with the number 5 (five). The embossed number must be clear, all digits and spaces have the same size of font and the number must stretch as far as the hologram (the hologram on the card). The last 4 digits of the embossed card number must be the same as the first four digits that appear on the signature strip on the reverse of the card. The number that appears under the embossed number must match, there should be no trace of any other number.
- Check the Hologram
All of İktisatbank Smart Cards display the MasterCard hologram. This is normally located on the front of the Smart Card either above or below the MasterCard Logo. However on some new card designs the hologram can be integrated on the reverse of the card or within the magnetic strip. The hologram is 3 dimensional interlocking hologram that reflects the light and appears as if it is moving.
- Check the signature
The reverse of the Smart Card must contain the signature of the card holder. The signature on the payment slip or invoice must match that on the reverse of the card. If you are suspicious then you must check whether the signature looks as if it has been erased and replaced, corrupted or falsified. In addition if the word invalid may also appear on the signature strip.
- Check the Magnetic Strip
The magnetic strip on the back should be straight and true and not show any signs of deterioration.
- Check the Expiry Date
Expiry date of the card is located on the front of it. Please do not accept the card after the expiry date passes. Your employees must ensure they check this information.
- Get to know the new card design
In the nearest future MasterCard will be producing MasterCard Unembossed cards. Therefore the touch may be different but the reverse of the card will remain the same. To accept these cards as a retailer you must have an electronic terminal. At the same time MasterCard are changing the location of the hologram that is on the reverse of the card this will now be placed in the middle of the card.
- Is the card user the current card holder?
SmartCard is never transferrable. You must check that the card user is the card holder. You should check the signature on the payment slip or invoice matches the signature on the reverse of the card. Also pay attention to customer’s behaviour. When the client is carrying out the transaction check whether they are acting nervously or suspiciously.
What is the best way to use a credit card?It is recommended that the total monthly expenditure on your credit card should not exceed your monthly income.
Is it advisable to have more than one credit card?
For the ease of account management it is recommended to use a maximum of 2 or 3 credit cards. You may find difficult to keep on top of controlling your expenditures in case you hold more credit cards.
Is it advisable to obtain a cash advance from one credit card to clear the balance of another credit card?
You should not use a cash advance from one credit card to clear the balance of another credit card.
If you are unable to pay your credit card bill, please inform the bank immediately so that we can advise you of the best way to clear the balance to avoid incurring any unnecessary charges and interest.
It is suggested to use just one of your credit cards as a short term payment plan. For longer term payment plans it is recommended for you to apply for a personal loan.
You should clear the balance of your credit during the payment term on your statement. If your balance is not cleared by the next cut-off date you will incur interest on the remaining balance.
How do instalment payments affect my credit card?
Any installment purchases made with your card will appear on the following month statement together with the expenditure of that month therefore you must ensure you keep a note of your installment purchases and plan your repayment accordingly.
How do I keep up to date with promotions, new campaigns and rewards?
For up to date information about the promotions, our new campaigns and rewards please make sure to check News section of our website or consult our representatives at İktisatbank branches.
How do I earn points on my purchases?
With every purchase that you make you will earn points. To earn more points for your purchases you make within the TRNC please make sure to ask if the seller uses an İktisatbank POS machine.
Am I charged for cash advances on my credit card?
For any cash advances on your credit card you are charged a fee. The interest rate for cash advances is more than the purchase interest. You start accruing interest from the date of withdrawal. To avoid such cases it is recommended that you do not wait for the statement to be issued before paying the cash amount off.
Is a PIN code important when using a credit card?
A PIN code is the most secure way of accessing the funds on your credit card and you should always keep your PIN safe.
What is your advice regarding maintaining the security of my PIN and my credit card?
Do not give your or share your card with anyone.
Do not divulge your PIN to anyone in any circumstances.
Do not keep your PIN written down anywhere, especially in your wallet or handbag.
Do not create a PIN that contains personal details such as your date of birth.
Do not carry out purchases without using your PIN.
If you have to carry out a purchase with a signature then ensure you check the slip you are given belongs to you and that the amount on the slip is correct.
Do not allow anyone else to enter your PIN on your behalf in particular this applies to Mobile POS machines.
Do not divulge your card number, 3 digit security code and expiry date to anyone at any time.
When making a purchase make sure that it is your card that is inserted in the machine. After completing purchases ensure you always remove your card and that it is not left at the till.
Ensure you sign the back of your credit card in the designated area.
Can I use my credit card for internet purchases?
Yes you can however when making purchases through the Internet always ensure you use SSL secure sites. It is not recommended that you have a large available limit for internet purchases. It is also not recommended you make purchases over the internet from communal computers such as Internet Cafés.