Australians need better security with this credit cards

07 October 2014 - Which Way To Pay

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Australians need better Credit card security

Australians currently lose billions of dollars each year to credit card scammers, and it's expected that that number will only increase. Consumers are warned to be extra vigilant

Isn't my credit card now safe now that the chip and pin method has been introduced

Although chip and Pin is a much safer method of payment the problem is not all ATM machines will be chip and pin compliant till 2020.

Fraudsters are also looking at other methods to steal your money including online, phone or mail mediums to use fraudulently obtained credit card details.

The profitability of credit card scams in Australia has attracted organised crime gangs from Romania, South East Asia and Sri Lanka , many of whom are already involved in credit card skimming.

What extra steps can I take to make sure my credit card details are kept safe

Credit card skimming is now one of the main ways your identity can be stolen and is perpetrated by a skimming device attached to an ATM, or a handheld device. Therefore, check any ATM you use for unusual protrusions, and don't let your card out of your sight when you pay at a restaurant or for taxi fare.

Cardholders are also warned to pay close attention to the warnings and prepare for the next generation of credit card fraud schemes.

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