Do you safeguard your credit and debit cards against fraud?
Well, according to the latest data from Finder, you should.
In fact, millions of Australians have lost more than $1 billion to scammers after having their bank cards skimmed.
This is based on a nationally representative survey of 1,058 respondents that revealed 1 in 7 (17%) Aussies – equivalent to 3.4 million people – have been victims of debit and credit card fraud in the past 12 months.
The losses were staggering
The research revealed the average victim lost $299 – equating to a whopping $1.01 billion Australia-wide.
Ms Amy Bradney-George, a credit card expert at Finder, commented:
“It’s a widespread problem, and shows how effective scammers have become at deceiving innocent Australians.”
The research also shows that millennials were most likely to be targeted, with 27% admitting they’d had their card details used fraudulently in the past 12 months, followed by 22% of gen Z.
Ms Bradney-George urged people to be wary of fake calls, texts and emails about purchases, prizes and deliveries.
She said:
“Scammers are getting very sophisticated at impersonating big, trustworthy brand names, and some even pretend to be a family member or friend in need.”
Other findings from the research include:
- Over 1 in 10 (11%) Aussies who were scammed reported it, while 3% didn’t.
- A further 3% had been a victim of bank card fraud in the past year but didn’t realise until later that it was a scam.
How to protect your cards
Ms Bradney-George said it was a good idea to regularly check your transaction history.
She further explained:
“Contact your bank straight away if you find transactions you didn’t make or don’t recognise so they can help you figure it out.
Never click on a link or hand over personal information without confirming you are dealing with a legitimate business.
The same goes for messages from unfamiliar numbers if the sender is claiming to be someone you know.”
Other measures you can follow in avoiding credit card fraud:
- Keep your card secure. Always cover your credit or debit card when entering your PIN and if you've lost it, contact your bank immediately.
- Regularly review your statement. Although your bank will usually contact you if it spots suspicious transactions on your account (such as a large or overseas transaction), you may catch a fraudster early if you're reviewing your statement. Fraudsters may test your account first by making a small transaction (at either a domestic business or one overseas): the sooner you spot any odd listings on your account and report them to your bank, the better.
- Check your credit report on your credit card. If you see any listings (such as applications) that you didn't make, contact the relevant card issuer and the credit reporting bureau immediately to investigate the issue and have it removed from your report.
- Use secure websites. When shopping online look for https:// at the beginning of the website address instead of http://. This means the website has added security. You could also consider paying through encrypted services such as PayPal which allow you to shop without sharing your financial details with the website.
- Be wary of suspicious emails, text messages and calls. Suspicious communications will vary, so be vigilant. Don't click links or download attachments unless you are 100% confident of who it's from, never provide your personal details over the phone or via text, and check the contact details to verify the sender (particularly with international numbers). Look out for spelling/grammatical errors, incorrect logos and odd phrasing. If you're suspicious of anything supposedly coming from your bank, contact it through the details on its website.
