Debit and credit card fraud is on the rise in Finland, with would-be thieves lurking behind every shoulder on the street and the screen. Police statistics show that incidents of payment fraud have more than doubled in the last seven years.

Jukka Ruotsalainen of the Denmark-based payment services corporation Nets, which acquired Finland’s largest credit provider Luottokunta in 2012, says the growth is due to escalating e-commerce. Now that payment information transverses cyberspace in unprecedented amounts, the opportunity to steal data is greater.

Statistics show that the incidents of bank card fraud are more likely to occur in the summer months, picking up speed in March and April.

“Wherever there are a lot of people on the move, there you will find the fraudsters. May Day, Midsummer, and music festivals are ideal, when there are masses of people who aren’t on their guard,” says Ruotsalainen.

Large retail stores are safe, but Ruotsalainen says smaller shops may be worth checking into.

“It’s good to maintain a mild degree of caution and suspicion. First, make sure your computer software and data security programs are up to date. Second, when it comes to shopping, concentrate your purchases in large stores where trade is brisk,” he says. “If you wish to buy a specialty product from a small shop, do an internet search of the company first to ascertain its reputation.” 

Important steps to take

Ruotsalainen emphasises that no one should ever reveal their bank card information to a third party.

“Finland’s banks and credit firms already have the data. Not even the police are entitled to ask,” he says.

In addition, he cautions consumers to conceal their PIN codes when entering them into payment terminals at restaurants and shops.

“Cover the terminal with your hand or your wallet while you enter your PIN code. Finns don’t take enough care with this as a rule. Store your PIN and your bank card separately. Preferably, people should always memorise their PIN, so it is in their head and not on paper!”

Ruotsalainen also recommends implementing limits for withdrawal.

“Online purchases can be limited to comply with your spending habits, either a limit or a complete ban. If you have a 3,000 withdrawal limit, you need to think of your card as if it were a 3,000-euro wad of cash and treat it accordingly,” he says.

If you suspect that you have been a victim of debit or credit card fraud, contact the company that issued to card immediately. The number to call to cancel the card should be programmed into your mobile phone’s memory, especially if you are planning a holiday.

When embarking on a trip, Ruotsalainen suggests thinking about ways to avoid unnecessary risk. If you are carrying two different debit or credit cards, keep them separate. Store the second card in your spouse’s wallet or in the hotel safety deposit box.

“Don’t let the card out of your sight at any time. If a salesperson tries to take it in a back room for some reason, don’t allow it,” says Ruotsalainen.

Ruotsalainen reminds consumers that credit or debit card use is still very safe, overall.

“If they act with due care, cardholders are always protected. It is important to remember that fraud only accounts for a tiny fraction of all card transactions.”