One in four retirees has lost more than $1000 in credit card fraud

Over-65s are the most targeted group for scammers, and baby boomers aged 55 to 64 were the next in line.

One in four retirees has lost more than $1000 in credit card fraud

One in four retirees has lost more than $1000 in credit card fraud, according to new research that has also identified the two most common scams affecting over-65s.

The research, conducted by Compare the Market, reveals that scammers most commonly target over-65s and that baby boomers aged 55-64 were the next in line with 22 per cent reporting scams

Younger people seem savvy about being scammed, with just 11 per cent of cardholders under 25 registering fraudulent activity on their credit card.

The Australian Competition and Consumer Commission (ACCC) says that 3452 fraud reports involving credit cards have been lodged this year alone, with almost half (47 per cent) marked as online shopping scams.

Bank of Queensland money expert Rod Attrill said older Australians were especially prone to online shopping and credit card cons as many weren’t up to speed with a cashless, and often cardless, society.


“Those heading into the later years of their life are having to keep up with the fast-paced nature of a cashless society, which can prove both difficult and costly,” said Mr Attrill.

“Especially for scammers online, this particular demographic is also perceived as having more accumulated wealth, which makes them an attractive target when grabbing card details.”

The two main methods scammers are using to fleece older Australians are phishing and identity theft.

“Phishing is where consumers are tricked into giving out their personal information, such as credit card numbers, either online or over the phone,” said Mr Attrill, going on to explain how identity theft “is particularly prevalent [as a threat] for those wanting to regularly use card details”.

“If you suspect your financial details were stolen, you should alert your bank immediately for a better chance at recovering your money,” he said.

Have you ever been scammed? Could you have been scammed and not known about it?

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    COMMENTS

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    Troubadour
    15th Aug 2019
    11:08am
    Yes, someone tried to scam us of $700 - but our Banks Security Dept.
    picked up on it and rang me to ask if I had paid the money to someone in NZ. I had not even been anywhere to use my card that morning nor did I know anyone in NZ - the transaction was immediately cancelled and I got a new card.
    Anonymous
    15th Aug 2019
    11:12am
    That is actually a scam.

    15th Aug 2019
    11:10am
    Most young people don't check that all their expenses are legit. They laugh at me when I check all my receipts against my credit card statements.
    KSS
    15th Aug 2019
    1:12pm
    I agree with you, most would never check their statements and even if they did, they wouldn't know where they spent their money. How many times have you been behind someone who refused the payment receipt? Then think about paywave and so on where there is no receipt to take!
    Sundays
    15th Aug 2019
    1:44pm
    I use payWave and always get a receipt. You just ask but mostly it’s offered first. With online banking, payments show up automatically in real time, so even if you don’t check off receipts you can check your account daily. This includes Credit cards
    Eddy
    15th Aug 2019
    2:52pm
    I check my bank details constantly, at least ever 2nd day. Only once have I found a credit card transaction I could not account for, and it was for a small amount, from memory about $22, small enough to be missed or dismissed. I advised my bank of a disputed transaction and it disappeared. I was later advised it was an error by a trader, but I wonder. A small amount multiplied by a hundred or a thousand transactions per day could be a tidy sum for a scammer. My advice keep a close watch on your bank accounts.
    Hawkeye
    16th Aug 2019
    1:53am
    Yeah Eddy, isn't it strange how those traders are not very good at fixing transaction errors that are in their favour.
    Of course the errors in our favour get fixed/cancelled very quickly though.

    And the worst are the traders at the airports. I don't think I've ever left the country without being double-charged for a meal or something at the airport on the way out.
    Anyone else noticed that?
    Tricky
    15th Aug 2019
    2:00pm
    The LNP government is scamming every day with 'Deeming Rates' on cash term deposits that are ripping off pensioners everyday. Now the stock market is crashing what is the next scam.
    Anonymous
    15th Aug 2019
    2:03pm
    Deeming rates have nothing to do with cash term deposits.
    floss
    15th Aug 2019
    3:38pm
    It is not credit fraud that I worry about my main worry is the L.N.P as to my retirement returns.

    17th Aug 2019
    2:27pm
    i keep my credit cards (separately) in their own individual RFID slip on covers. No one can access my card numbers by sidling up close to me and using one of those "reader" thingies. They are then inside a small tin that Bunnings put out ages ago.
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    Tags: money, finance, scams,

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