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

Font Size:

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?

If you enjoy our content, don’t keep it to yourself. Share our free eNews with your friends and encourage them to sign up.

Join YourLifeChoices today
and get this free eBook!

Join
By joining YourLifeChoices you consent that you have read and agree to our Terms & Conditions and Privacy Policy

RELATED LINKS

What to do if your bank statement reveals a dodgy deal

What to do if you believe you have been targeted.

Are you too smart to be scammed? Take this test to find out

Australians are set to lose a record amount to scams in 2019, according to the ACCC.

How to spot the warning signs of a credit card scam

Here's how to spot the warning signs of a credit card scam.

Written by Leon Della Bosca

Leon Della Bosca is a voracious reader who loves words. You'll often find him spending time in galleries, writing, designing, painting, drawing, or photographing and documenting street art. He has a publishing and graphic design background and loves movies and music, but then, who doesn’t?

Contact:
LinkedIn
Email

21 Comments

Total Comments: 21
  1. 0
    0

    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.

  2. 0
    0

    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.

    • 0
      0

      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!

    • 0
      0

      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

    • 0
      0

      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.

    • 0
      0

      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?

  3. 0
    0

    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.

  4. 0
    0

    It is not credit fraud that I worry about my main worry is the L.N.P as to my retirement returns.

  5. 0
    0

    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.

  6. 0
    0

    NO UPFRONT PAYMENT!
    Are you a victim of ;
    1. Binary option scam?
    2. Forex trading?
    3. Romance scam
    4. ICO Scams
    5. Online betting scams
    6. Bitcoin scam
    7. Phishing scam
    or any other kind of scam?
    I have a good news for you. CREDITSOLUTION63 is the best and most reliable Fund Recovery company for any of the victims above.
    Service delivery is top notch and second to none.
    Contact Mr Dennis
    Email: CREDITSOLUTION63 at GMAIL dot COM
    WhatsApp: +1 9176634684
    You Can Also Text Or Call: +1 9176634684
    Thank me later.

  7. 0
    0

    NO UPFRONT PAYMENT!
    Are you a victim of ;
    1. Binary option scam?
    2. Forex trading?
    3. Romance scam
    4. ICO Scams
    5. Online betting scams
    6. Bitcoin scam
    7. Phishing scam
    or any other kind of scam?
    I have a good news for you. CREDITSOLUTION63 is the best and most reliable Fund Recovery company for any of the victims above.
    Service delivery is top notch and second to none.
    Contact Mr Dennis
    Email: CREDITSOLUTION63 at GMAIL dot COM
    WhatsApp: +1 9176634684
    You Can Also Text Or Call: +1 9176634684
    Thank me later.

  8. 0
    0

    It can happen to anyone, I know. It’s well known that online trading can be a very appealing industry. You get lured when you estimate how much you make in a short time with little physical effort. Unfortunately, I lost a lot of money trading in binary options and cryptocurrency. Glad I found a recovery pro who made sure I recovered my money. You can email me to share my experience if you are in a similar situation, you will recover everything you lost.
    maggiealder12 {at} gmail,com

  9. 0
    0

    Hello traders, I have been earning huge Profits weekly with the help of Mr bruce willian Vlad, after much loss of trading on my own. I call Mr bruce t an expert because he helped me handle my trades and now am so happy to recover all my money back, I have made over $5950 with a startup of $500 and I had full access to my trading account which was different from the others.
    Mr bruce willian s 100% legit and your profit is guaranteed with him.
    You can connect with him If you need his assistance contact him
    Email: [email protected]
    WHATSAPP: +14079061584
    TEXT :+14079061584

  10. 0
    0

    NO UPFRONT FEE

    I made deposit of $10,000 into this broker on 1st December, then I got a call from the account manager telling me about my account and the bonuses I could get if I put in more money. He was really good at convincing (maybe he brainwashed me ) I later put $86,000 in total.
    Then I sent all of my verification documents such as proof of address, ID and Bank card detail (I sent without CCV) and Declaration form . Also I received lots of emails from them about verification and activation and etc. During first 3 days which my account was funded and was ready to start; they called me many times to re-invest and increase my amount and I refused cos they got too pushy about it. I
    figured something was seeing wrong when I requested for a withdrawal and was told I had to reach a deposit target before I can make withdrawals.
    So I couldn’t trust them as they changed their word and I asked adviser I want to close my account as my account is verified and it’s ready. I already told him I can’t put more money and now I change my mind and I want to withdraw my money and close my account.
    I send lots of email, chat, request, text, call and etc and asked them to call me and explain but nobody answer and reply to me even through email (Used to be emailed straightaway) Now I want to withdraw all of my money but I can’t go through my account. THEY NEVER CAME BACK TO ME. TEL, ADDRESS AND COMPANY AND ALL ARE SCAM.
    Until I was introduced to a recovery company that helped me out FASTFUNDSRECOVERY AT PROTONMAIL
    SITE: FASTFUNDSRECOVERY.WORDPRESS.COM

Load More Comments

FACEBOOK COMMENTS



SPONSORED LINKS

continue reading

Internet

Web inventor says news media bargaining code could break the internet

Tama Leaver, Curtin University The inventor of the World Wide Web, Tim Berners-Lee, has raised concerns that Australia's proposed News...

Lifestyle

Surprising things you probably didn't know about beards

Whether you're a razor-dodger yourself or a pogonophile (a person who loves beards), you'll agree, a lustrous covering of facial...

Social Networking

The appalling role models influencing younger generations

I know I am not in the demographic to be affected by the influencers of the world. I am too...

Finance News

We've stockpiled more than $200 billion of extra savings

The federal government says the economy won't "fall off a cliff" when it scraps COVID-19 income support measures because Australian...

News

Cricket Australia stands firm on 'Australia Day' decision

Cricket Australia (CA) is standing its ground in not referring to January 26 as "Australia Day" as part of its...

Finance

What the new consumer law changes mean for your rights

Australia's consumer rights and protections are set for a major shake-up from 1 July this year and it means that...

Entertainment

Friday Funnies: Star signs

Whether you believe that your heart and mind are mapped out in the stars or not, you'll have a chuckle...

Food and Recipes

CWA One-Pot Lamb Shank Casserole with Mint Jelly

This hearty Lamb Shank Casserole is a CWA classic and a no-fuss one-pot dish that can be prepared ahead of...

LOADING MORE ARTICLE...