Credit card scam is costing Aussies millions

A credit card scam has resulted in the theft of $50 million from more than 100 accounts in New South Wales.

The fraud involves the removal of EFTPOS payment terminals during robberies, the Sydney Morning Herald reported.

Such terminals are then modified and placed into other stores surreptitiously.

The modified terminals can then copy information stored on the magnetic strip of debit and credit cards, which the fraudsters use to make withdrawals from accounts.

Such news may prompt bank customers to compare credit cards and debit cards in search of the best security features.

New South Wales Police told the newspaper that every Australian capital city and some regional centres have been hit by the scam.
Last year Australia reported that on average credit card fraud costs Australians more than $120 million per year.

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