Credit card scammers 'rely on a tiny hit rate'

Thursday 17 March 2011

Article by Mozo

The number of hits required for internet scammers hoping to dupe people into revealing their credit card details online is minimal, an expert has claimed.

Internet scams 'only need a tiny hit rate'

According to Consumer Watch spokesman Paul Tully, unsolicited emails offering large payments should trigger alarm bells for consumers.

He explained that scams often require a hit rate of less than one per cent.

"People are induced to pay thousands of dollars upfront to a foreign bank account as a bogus release fee for enormous sums of money," Mr Tully said.

The warning comes after an email scam hit inboxes across Australia in which it claimed British prime minister David Cameron had awarded the recipient a credit card with £2 million ($3.28 million).

Earlier this year, it was reported that up to 40,000 shoppers might have had the details of their credit cards exposed after a breach on soap maker Lush's website – an event that resulted in the temporary shutdown of the online portal.

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