Credit card fraud in Australia is on the rise. Compared to U.S or U.K we are still a lot safer when it comes to identity theft and credit card scams, but the increasing trend does point to the greater need for caution. The following sections provide some figures and facts about credit card fraud in Australia, and how to make sure you stay safe.
Credit Card Fraud Facts
Search engines provide a fast and simple way to measure interest on a topic. Judging by the number of searches a phrase such as “how to fraud a credit card” receives in Google – about 23 million per month – it is safe to assume that card security has never been at greater risk. Reported cases of credit card fraud also show that you are more likely to be defrauded in person rather than online, so don’t just assume that the Internet is the only place to guard your credit card.
The number of fraudulent credit card transactions is Australia is lower than other developed countries, which is a bit of a relief. According to the Australian Payments Clearing Association, only 0.3% of all credit card transactions in Australia are fraudulent ones, as opposed to 0.9% in U.K.
Similar figures are reported by Visa, the largest credit card payment processor in the world. They report an average of 0.7% fraud taking place worldwide, while the Asia-Pacific region has a lower rate of fraudulent transactions, 0.3%.
How to Stay Safe
To ensure that you remain safe from credit card fraud in Australia, please abide by the following guidelines:
Properly dispose of your old cards – either put them through a shredder, or cut them into pieces with scissors. The reason we suggest going to these extreme lengths is that some fraudsters will snoop through your rubbish to find discarded credit cards. You want to make it as difficult as possible for them.
The Australian Government makes some excellent resources available – Stay Smart Online. This online guide to credit card safety should definitely be on the top of your perusal list.
Don’t let your card out of your sight – While using your credit card to physically pay for goods or services, such as a restaurant/cafe bill, don’t let the waiter/waitress take your card. You should go up to the counter to pay for the bill yourself. While this might seem paranoid, it ensures that no one can charge your card for something unauthorised. It might also help to remember that this is the more common way of getting defrauded, even more so than an online credit card scam.
