HomeTechnology$478 million stolen from Aussies

$478 million stolen from Aussies

A new type of credit card fraud has overtaken any other, now accounting for 85 per cent of all credit card fraud, and it’s called “card-not-present” crime.

Card-not-present crime is any transaction where the physical card is not required to transact, such as an online purchase. Card-not-present crime hit a new high last year with $478 million stolen from Australian accounts in 1.8 million transactions.

“Statistics show online hacking has overtaken other forms of financial fraud,” said Justine Davies from Canstar.

“It can be a good idea to keep the virus and security software on your computers and mobile devices updated and try to avoid visiting or buying from websites that have questionable security,” she said

Even though fraudulent transactions will typically be reimbursed by the banks, not all this money is recovered and at the end of the day, it’s the customer that wears the cost through fees.

While the theft of credit card information from online sources is popular, it’s important to understand that ATM skimmers are still in use by criminals. Skimmers are usually the size of a deck of playing cards. The unit fits over the existing card reader.

Sometimes, scammers will attach a camera somewhere nearby that can view the keypad on which you enter your PIN. These cameras can either be mounted at the top of the ATM, as part of the skimmer, or in the form of a brochure holder attached to the side of the ATM booth.

Have you been the victim of card-not-present crime? How did you resolve your case?

Related articles:
ATM skimming explained
Bank super funds admit breaches
How to spot a credit card skimmer

Drew Patchell
Drew Patchell
Drew Patchell was the Digital Operations Manager of YourLifeChoices. He joined YourLifeChoices in 2005 after completing his Bachelor of Business at Swinburne University. Drew has a passion for all things technology which is only rivalled for his love of all things sport.
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