Christmas credit card safety

Credit and debit cards traditionally take a pounding over the festive period and it’s often easy to miss fraudulent transactions.

Banking systems are now incredibly sophisticated; often picking up fraudulent activity on accounts before customers notice anything is amiss. Cards transactions which deviate from your usual shopping patterns should trigger a call from your card provider, so it’s important to make sure all your contact details are up-to-date.

Even with this safety measure, it’s important to remain vigilant and follow these security tips:

1. Guard your PIN and internet banking passwords. Don’t reveal your details to anyone, even if they claim to be from your bank. Banks have measures to confirm your identity and will never ask you to reveal your details.
2. Always check your statements, even though it can be tedious when you have many transactions. The quicker you advise your bank of anything untoward, the more likely they will refund any money lost.
3. Keep your bank up-to-date with contact numbers and advise them of your travel plans, especially if you’re going overseas. Banks will often put a stop on cards if there are irregular transactions.
4. Have details of your cards in a safe place, if you lose one, it will speed up the process of reporting it missing.
5. Shops can be hectic at this time of year and it’s easy to leave without taking your card. Makes sure you have it in your possession before you leave the shop.
6. Make sure your card is secure; don’t even leave it lying around at home. If you’re expecting a new card, keep a check on your letterbox and advise your bank if it’s not received.
7. Review your credit limit, there’s no point in having more spending power available on your card if you’ll never use it. This will limit your liability if anything happens to your card.
8. Dispose of card receipts securely, never leave them behind in a store or throw them in a bin without destroying them first.
9. If an ATM looks suspicious, don’t use it. Similarly, if there is anyone hanging around the ATM, be more vigilant.
10. Keep your card in sight, don’t allow it to be taken away in a restaurant or shop, this is when skimming can occur.

Protect Your Financial Identity is a website that has been developed by banks, police and a regulator. For more details on how to protect your financial identity, visit www.protectfinancialid.org.au.