$478 million stolen from Australians last year

$478 million stolen from Australians accounts in 1.8 million transactions.

$478 million stolen from Australians last year

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?

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    COMMENTS

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    casey
    4th Feb 2019
    11:05am
    If I buy something over the internet I use paypal. I also use a visa card which is a preloaded travel card. if anything does go wrong they won't get much as I only keep enough in it to cover any expenses.
    Old Geezer
    4th Feb 2019
    11:30am
    I do the same.
    SuziJ
    4th Feb 2019
    11:46am
    Me too.
    KSS
    5th Feb 2019
    7:42am
    Yep me too.
    Nathanau
    4th Feb 2019
    11:27am
    My mum aged 85 has had $185 dollars taken from her retirement pension account using her debit card ( not present ) without her permission. I'm unsure if her card was skimmed or how they got a hold of her details. However it is, she is clearly a victim of credit card fraud. Her bank ( St George) are refusing to co-operate or help her. This begun last Oct when a large sum just vanished out of her pension and still ongoing today.

    Mum has been into branch now 4 times, each time they say wait for a letter. Finally, a letter arrived last week and all they did was to send her a questionnaire asking for her contract to cancel payment with the vendor, a copy of the vendor's terms and conditions, a letter from the vendor agreeing to cancel the use of her card and so on...

    There is no vendor, and mum can't supply that info to St George as it just doesn't exist. This is a case of fraud... the person or group who took her money never had any agreement or contract to do so, so the information St George wants is n/a.

    I am legally ( at law) authorized to act on behalf of mum and I have also gone into the branch AND called St George, despite being registered as an authorized person to act in her legal and financial matters they refuse to talk with me, in fact, I even spoke to St George Fraud line and they hung up on me saying they can't speak with me despite being the registered authorized person. BANG phone slammed down in my ear! No courtesies...

    We have cancelled mums card ( the first thing I was able to do last year ) but the money that was stolen has well gone and I guess that is that. I do not know if there is a bank who will help protect people ( especially the elderly ) I'm beginning to look around and try to get mum to a bank that takes credit card fraud seriously. It is disappointing that a bank refuses to help when they know full well fraud has been committed, its almost like they condone it.
    AutumnOz
    4th Feb 2019
    1:22pm
    Have you contacted the police? They may not be able to help without vendor details but they should be able to have a word with the bank so your mother's account can be protected.
    After all it should be the bank's responsibility to look after customers accounts not just sitting there and allowing their customers to be ripped off by crooks.
    Rae
    4th Feb 2019
    6:00pm
    There is a Banking Ombudsman. Obviously blind and deaf but you may as well write them as you never know your luck and they are a tad battered and bruised right now.
    Anonymous
    4th Feb 2019
    9:14pm
    Contact Banking Ombudsman. They actually are pretty good in cases like this. Also, write a detailed letter to customeradvocate@stgeorge.com.au.

    4th Feb 2019
    1:43pm
    A fool and her money ….
    Anonymous
    4th Feb 2019
    4:55pm
    Coming from a Rightard, that's pretty funny.
    Keithb
    4th Feb 2019
    10:03pm
    Every few years my bank (CBA) queries some fraudulent credit card transactions, cancels my Visa and reissues it. A bit of a pain but they always seems to detect the dud transactions which is great.
    I always avoid the requests by online sites to keep my credit card details for the next purchase. Not that I think they are dishonest but I wonder about their security.
    KSS
    5th Feb 2019
    7:47am
    Yes I have been contacted in the past by NAB as they noticed unusual activity on my account. Someone had used my credit card details (which I had not lost) to buy designer goods on-line. Clearly not me and the bank knew it!!

    Had the thief tried shopping at Kmart instead they would not have been detected so quickly... haha.
    Alan
    6th Feb 2019
    11:59am
    I have been scammed a couple of times when I have been overseas. I had cards stolen twice in Russia and the thieves (scammers) managed to crack the security codes and on one card took it to the limit; on the other card I was able to notify the bank within 40 minutes of the theft and so they didn't get a lot. I was also scammed in Philippines and Thailand and again was able to prevent serious fraud occurring. I have had one case of my card being used in Australia when I was overseas and was able to report it and in the end the transaction disappeared. In all cases insurance covered the cost of the frauds but the last time I traveled at ATMs I used a card which did not have an overdaft facility and one which I loaded money onto it as I needed it.


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