Digital payment fraud rises as debit cards face higher risks

Reports indicate a rise in digital payment fraud, particularly targeting debit cards during online transactions. A report from the Central Bank of Chile highlights that debit cards face higher risks because they draw funds directly from bank accounts, leaving a minimal margin for reaction compared to credit cards, which offer more layers of authentication and deferred processing.

In response to card cloning and unauthorized transactions, the Superintendencia del Sistema Financiero (SSF) advises immediate action. Users should contact their issuing bank to block the card and request a replacement. It is also recommended to formally file a claim with the financial institution, providing evidence such as bank statements and screenshots of unrecognized operations.

Under certain regulations, users have up to 90 days from the date of an unrecognized transaction to report the charge. Once a claim is filed, the issuing institution typically has up to 90 days to complete its investigation and communicate the results, including potential fund reimbursements.