Credit and debit card scams on the up

More people are being caught out by credit and debit card scams, it has been warned.

A new report from the Australian Bureau of Statistics has shown that around three per cent of credit and debit card holders will fall victim to card fraud, while a further 60,000 are likely to have bank account details nabbed in phishing scams.

Speaking to the Sydney Morning Herald, Australian Bankers’ Association chief David Bell warned that fraud has been around as long as long as the banking system itself, adding that it’s a risk that will not quit.

“Not only does it result in financial issues for customers and banks, it also goes to the person’s sense of security with their accounts,” he warned.

And while in the past avoiding fraud has simply involved a bit of diligence at the cash machine, experts are now urging people to be more mindful of online fraud, where scams are becoming ever more sophisticated.

In a separate report released by the bureau earlier this month, it was revealed that credit and debit card fraud cost Aussies some $500 million last year alone.ADNFCR-1761-ID-18889721-ADNFCR