Aussies 'should feel comfortable using credit cards'

By Mozo ·

A senior official at MasterCard has said Aussies using the firm's credit cards should be confident that they are at a low risk of losing money due to fraud in light of the company's zero liability policy.

Country manager for Australia Andrew Cartwright explained that in most cases, cardholders whose details are appropriated and used illegally will get their money back.

Speaking to News Limited newspapers, he stated: "The cardholder will be reimbursed for any unauthorised transactions as long as they report the loss of the card to their issuing bank as soon as they know."

However, he warned Aussies not to become complacent regarding the security of their details.

For example, he said those who write down or give away their PIN numbers could find they are still liable for the money spent, even if the transactions have not been authorised.

The expert recommended that anyone spotting suspicious activity in their account get in touch with their bank immediately.

This comes after the Verizon Final Report of Compliance found that only one-fifth of companies in Australia met the credit card security requirements laid out in the Initial Report of Compliance.

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