Online credit card fraud reaches new high
Article by Mozo
Aussies have never been at greater risk of online credit card fraud according to a report by industry body, the Australian Payments Network.
The 2016 Australian Payments Fraud Data Report revealed that online credit card fraud costed Aussies $417.6 million in 2016, a figure that has doubled since 2011.
With a total of $714.4 billion in card-based transactions recorded last year, fraudsters netted a cool $530 million, 78% of which was with the help of stolen credit card details.
“Card-not-present fraud continues to grow as perpetrators follow increased payments activity online,” said Australian Payments Network CEO, Leila Fourie.
The spike in online credit card fraud also coincided with a 13% increase in card skimming fraud from “ghost readers” - fake platforms that are designed to look like real card readers.
With card overtaking cash, Fourie has urged Aussies to increase their diligence when paying with plastic.
“As Australia transitions towards even higher levels of online payments, customers and merchants need to increase security awareness,” she said.
For a quick brush-up on your credit card safety, check out Mozo’s quick tips below or if you need some more comprehensive advice read our dedicated credit card fraud guide.Quick tips to keep your card safe:
- Cover your hand when entering your PIN.
- Don’t disclose your card number over the phone, and especially the security number usually found on the back.
- Avoid dodgy ATMs and card readers.
- Avoid predictable and obvious PIN combinations.
- When paying at a retailer, cafe or restaurant follow the staff when they process the payment. Don’t let them wander off with your card.
What to do if you think you’re a victim of credit card fraud:
- Even if it is just a hunch, contact your bank - you should be able to do this at any time with most banks offering a 24/7 helpline.
- Update your security details and PIN.
- Check your credit history to make sure that the incident hasn’t been marked as a blemish on your credit record.