Credit Card Fraud, Traps and Scams: Guide to preventing the risk

Credit card fraud is an ever increasing evil we as consumers have to deal with. The Internet has made it near child's-play for fraudsters to trick us with credit card traps and credit card scams and as with most things, the best line of defence is knowledge.

Become savvy enough, even when shopping online and you won't have much to fear at all.

Table of Contents

• Credit Card Fraud Prevention Tips
• How Credit Card Fraud Works
• Fraud Incidents in Australia
• What To Do If You Suspect Fraud
• Credit Card Protection Basics
• Fraud Protection And Secured Credit Cards
• Government Action and Consumer Protection Laws

Our credit card fraud prevention tips.

These days I would be much more concerned to leave my credit card out of sight at a restaurant or bar than purchasing goods over the Internet. But then, I already know the many credit card traps out there.

The following tips are here to help you become a savvy card user without having to fear credit card scams or abuse.

It’s not hard to see why credit cards are such a popular target for fraud and white-collar crime. Valuable information gets sent over networks with often feeble protections, a wide-open door that all but calls out to fraudsters. Online commerce has created historic spikes in the use and misuse of credit cards, but fraud has been around almost as long as credit cards themselves.

In Australia, where credit card ownership is one of the highest in the world, fraud is rampant but seldom given much thought. According to the Australian Institute of Criminology, it is one of the most under-reported crimes in Australia, with more than half of incidents believed to go unreported. And despite steps taken to improve security, the number of cases has stayed more or less the same save for the occasional dip. From 1995 to 2007, fraud cases went from 91,495 to 95,606, but went well over 100,000 from 1997 to 2004. And over the last five years, according to credit reporting agency Experian, fraud incidents rose by 55%.

How much is credit card fraud costing us? The numbers seem small; Experian’s report revealed that 57 cents out of every $1,000 spent goes to fraudulent transactions. But Australians put billions of dollars on credit every year, and the losses add up disconcertingly fast. In April 2010, the Australian Bureau of Statistics surveyed 800,000 Australians aged 15 and above who had been victims of personal fraud, over half of whom—or 3% of the adult population—incurred financial losses. About 380,000 were victims of credit card fraud.

The fraudsters’ net takeaway was estimated at $977 million for that 12-month period, with each person losing $453 on average. Consumer and merchant costs aren’t the only ones to take into account, of course—for one thing, the lack of confidence in online transactions can inhibit consumer spending and slow down economic growth.

Identity fraud (a larger category under which credit card fraud falls) has largely overshadowed scams, which were more dominant until the late 1980s. But both tended to affect the same age groups more than others. The AIC reports that about 4.3% of Australians aged 35 to 44 were exposed to identity fraud in 2010, making them the most vulnerable demographic. The 25-34 and 45-54 age brackets are also quite susceptible, with 4.2% and 3.9% of the population having been defrauded.

Top 14 credit card scam prevention tips

1. Common sense is a virtue and enough of it is a buffer against credit card thieves: OK, while this is more of a saying, it clearly states the fact that we need to use common sense when dealing with credit cards. It is logic in its purest form but interestingly enough many people misplace logic when dealing with their cards.
2. Never let your card get out of sight: This includes shop counters, restaurants, bars, nightclubs, hotels and basically everywhere you spend money with your credit card. When using it in front of other people - bystanders waiting to pay themselves - do not expose your card face to their prying eyes or mobile phones.
3. Treat your credit card like a national treasure: Keep it private! Do not ever share your card with family members, friends or partners unless you share the privileges of a partner card for a joint account. Plus, sign your card the moment you receive it!
4. NEVER click on email links prompting you to check your online/offline account: This is a blatant phishing attack and one of the biggest credit card scams out there these days. Millions of people fall prey to these clever tactics loosing thousands of dollars in the process as their cards get swiped clean by thieves who stole their login data.
5. If you shop online always check the site you are required to pay on is a HTTPS:// instead of the usual HTTP://: The added (s) stands for extra security layer which keeps your sensitive data secure.
6. Check your monthly statements: The best way to protect yourself against credit card fraud is by checking your credit card statements diligently each month. If some charges look dodgy to you, report them immediately to your bank to investigate.
7. Never sign blanks: Some hotels still require you to sign blank receipts on check-in. Don't. Ask them to put in a figure instead and then make sure it's voided when you pay your bill on checkout. By voided I mean ripped up and then shredded in front of your eyes. These are potential credit card traps.
8. Keep a secure backup: It's a good idea to write down your credit card numbers, account numbers and the like on a securely kept piece of paper in case you ever need emergency access to report abuse or a stolen credit card.
9. Always shred: Buy a shredder (they are affordable) and shred all your financial data! Thieves increasingly lurk nearby bins and will stop nothing short of going through your waste to get to your money.
10. Don't forget to notify your credit card lender when you move: Chances are if you do that your card might fall into the hands of shady characters.
11. One of the most common scams to get credit card online information is known as the update your information scam. These come in the form of an email sent to you that is supposedly from your credit card company or bank. The email requests that you follow a link to the website to update your member information. You should never do this. Financial institutions will not contact you in an email and ask you to update your information. If you think the email is actually from your financial institution log on to their website the way you normally log on. Not through the link in the email. If any information is needed the website will have a message about it.
12. Fake purchases and store fronts are another way criminals steal from you when you use your credit cards online. Make sure that a site you are making a purchase from is doing it in a secure, encrypted way. These sites will have an address that begins with http and will have a small padlock icon in their browser window.
13. Never transmit credit card information over email. Email is just not secure. Any vendor that requests you do business this way should be avoided. If they are valid they will have a safer way for you to make transactions.
14. Avoid the hard sell on a website. Usually if a site is using high pressure tactics to get your credit card information they are up to no good. Whatever they are selling you should not buy. Although it sounds a little scary to use credit cards online you can do it safely. You just have to protect yourself and only do business with companies who clearly want to protect their costumers by using secure methods for all transactions.

How credit card fraud works

The Australian Crime Commission defines card fraud as the use of plastic cards (including credit, debit, and stored value cards) to withdraw cash, make purchases, or otherwise use the card without the owner’s permission. Of the three categories, credit cards are the most common target, although stealing from debit cards is much easier. A credit card fraudster will typically use the

Fraudsters have dozens of ways to use credit cards or credit card information. In 1994 Dr. Jerome Jackson, now at California State University in Fresno, interviewed 14 young fraudsters who admitted they had over 100 ways of obtaining funds illegally from credit cards. Many of these methods may have become obsolete since then, or wiped out by new security measures. But a good handful remains widely used, and new ones have cropped up with the advent of online commerce. According to the ACC, the most commonly reported types of credit card fraud in Australia fall under four categories:

• Card-not-present fraud. A criminal with access to someone’s credit card number can use it to carry out transactions online, over the phone, or any other method where the physical card, PIN, or signature isn’t required.
• Counterfeit card fraud. With the technology to make plastic cards becoming relatively accessible, all one really needs is the right information to create a fake card. This data can be bought from underground markets (for as little as $2 per card), stolen from online databases, or obtained from the card itself in a process called “skimming.”
• Not-received fraud. This is the simplest, if most primitive, way to commit credit card fraud. New credit cards can be stolen from the owner’s mailbox and used to make purchases. Since most terminals now enforce added security, stolen cards are often used strictly online or over the phone.
• Application fraud. Fraudsters can obtain a person’s name, address, and other identifying details, and use them to apply for credit cards. The victim then unknowingly becomes liable for purchases and cash advances made on the new card.

Online fraud is perhaps the fastest growing type of credit card fraud around the world, gaining ground even in developing countries where e-commerce isn’t very present and credit card use isn’t all that high. A contributing factor is the fact that it doesn’t require a physical card to carry out; one simply has to get his hands on the information. In Australia, where fraud has been rising an average of 50% every year, about half of all incidents take place online, according to the Reserve Bank.

Fraud incidents in Australia

Despite its notorious dependence on credit cards, Australians are still less vulnerable to fraud than those in other developed countries. In Britain, for example, 141 out of every 100,000 transactions in 2009 were fraudulent, compared to just 9 out of 100,000 in Australia, according to Smart Company. Here are some of the biggest and most recent:

• The MasterCard hack. Considered one of the biggest hacks in the world at the time, this 2005 incident put some 40 million credit card holders at risk as hackers got hold of their information from the MasterCard database. Only a few thousand were affected in Australia, and they were quickly issued new cards by their respective banks. But the evidence took months to surface; although the news broke out in June, suspicious transactions were traced as far back as December of the previous year.
• The Queensland fraud rings. Separate arrests made in Queensland in 2007 and 2009 may be linked to the same global syndicate that creates fake credit cards using data stolen online. In the more recent arrest, the fraud was believed to have cost consumers about $1 million, making it the biggest fraud of its kind in the state’s history.
• The inter-bank breach. Three of Australia’s Big Four Banks—Commonwealth, National Australia Bank, and Westpac (including its recently acquired arm St. George)—had to cancel some 8,000 credit cards in May 2011 after their records showed several suspicious transactions. A link to the recent Sony PlayStation hack was quickly disproven, but as the incident followed a series of ATM glitches, it brought attention to the banks’ out-dated computer systems.
• Taxi card skimming. Rising incidence of card skimming, where information is copied off a card’s magnetic trip, in passenger taxis have prompted authorities to tighten their license regulations. The scam was reported in Melbourne as early as 2009, but as of mid-2011 many cab drivers were still found to be using non-secure payment methods and operating under fake authorisations.
• Melbourne fake credit cards. In 2006, North Melbourne-based Choon Ping Ng was jailed for three and a half years for his involvement in an international fake card scheme that ran back to 2003. He was believed to have pocketed $60,000 out of the estimated $3.5 million of fraudulent transactions, which were traced to Malaysia and Singapore.
• Wagga card fraud. Two separate incidents in Wagga Wagga, New South Wales in 2007 and 2009 point to a national or possibly international fraud ring involved in using fake credit cards to make purchases. In 2007 five arrests were made, and transactions totalling around $850,000 were uncovered. However, more fake cards were found to be in circulation in 2009 and local businesses were warned to keep an eye out for suspicious customers.
• Paralympic phishing scam. “Phishing” is a Web term for a plot to retrieve personal and financial information, usually through false e-mails. One of the most memorable phishing scams to hit Australia asked people to help fund the Australian team for the 2004 Paralympic Games in Athens. Those who chose to donate by credit card were led to a replica of the Westpac website, where they would then enter their card details. A glitch in the program gave the plot away, and banks immediately issued warnings to customers reminding them never to give out personal information online.
• ATO scams. At the tail-end of the 2011 fiscal year, Australian Taxation Office alerted taxpayers of a phishing scam posing as the ATO itself, asking individuals to pay $200 or provide their personal details to qualify for a $7,000 refund. The criminals are taking advantage of post-tax-season flurries to “catch people off guard,” according to Tax Commissioner Michel D’Ascenzo.
• Phone scams. Since the early 2000s Australian authorities have warned consumers against credit card phone scams, in which criminals pose as bank agents or government representatives to get a person’s card details. Their stories range from free holiday vacations to suspected fraud, and can cost an individual anywhere from a few hundred to several thousand dollars.

What to do if you suspect fraud

Fraud is fairly easy to prove in court. The problem is that many cases don’t make it that far, as most operations are “fly by night” schemes that are difficult to pin down. In addition, scammers operating outside Australia may be beyond the authorities’ control, according to the government website Scamwatch. The website, a project of the Australian Competition and Consumer Commission, says self-defence is still the best way to protect oneself. If you think you or someone else has been defrauded, here are some possible courses of action:

• Interstate/overseas scams: Contact the ACCC. It’s the only body that oversees incidents of this scale, as well as trade and consumer protection matters. Use their online form to report a scam directly to their Infocentre. Local scams can be reported to state or territory offices.
• Financial and investment scams: Malicious offers of superannuation funds, counselling, credit accounts, and similar products fall under this category. These should be reported to the Australian Securities and Investments Commission. If you’re not sure how to classify it, learn more on the ASIC’s MoneySmart website.
• Tax scams: If a scam targets your tax payments or is attempting to get your tax details, report it to the Australian Taxation Office. You can file the report by email.
• Bank and credit card scams: When your bank account or credit card is targeted, contact both the ACCC and the ASIC, but as a first-line measure, get in touch with your bank or card provider as well. They can verify the phone call or email, or if your account is already compromised, they can block it to prevent further fraudulent use.

Credit card protection basics:

Information is often collected by criminals about your personal details, as well as about your credit cards. This information is collected using various ways such as:

• Lost and stolen cards.
• Phone and Internet monitoring.
• Theft of statements sent through the mail.

The ways in which the information is used is dependant upon who it is taken by. When information is stolen, it can be used in the following ways:

• To spend your money fraudulently.
• To collect more information.
• Accounts can be directly accessed and money taken.

If you are interested in credit card protection, it is wise to look for a company that offers you secure protection against criminals and is reliable, dependable and honest. Secure Sentinel is one company that provides the security you may be looking for when you lose your cards.

To avoid situations where you have lost, misplaced, or even had a card stolen, it is best to follow some basic guidelines.

• Never trust a person, company or organization that asks you to provide them with your credit card information via email, phone calls or mobile text messaging.
• Never give out credit card information on unknown web pages. Stick to the home pages of well-known companies or businesses.
• When making purchases in a store or restaurant always be aware of what is called card skimming. This is when a second card reader is used to illegally take down your information.

When on the look out for credit card theft, it is often more difficult then it may seem to spot criminal activity since these thieves are often good at what they do. Some common scams include:

• Calls made by criminals, pretending to be the fraud department of a specific card company.
• Calls made claiming to need assistance with a fraudulent transaction on your account.
• Calls made claiming to need a correction of an address on a card.

In order to help obtain credit card protection that is efficient, you will need to contact a company that will provide you with instant services in relation to credit card fraud. When purchasing a new card, always be sure to sign the card immediately, memorize the PIN, destroy remaining written evidence of it and make sure that no copy of the PIN number is written down anywhere for any purpose. This would be the worst case scenario; having your credit card stolen with your PIN.

Use the information above about credit card protection to keep your cards safe. You don't want to have the hassle of unauthorized purchases being made on your account.

If you are worried about the credit card protection on your card, or are thinking about getting a credit card in the near future, there are a few things you should know about. You can protect yourself from credit card fraud by learning some simple protection tips in this article.

There has been a lot of credit card fraud problems in the past, but fortunately credit card protection has technically advanced to make sure your card is safer than ever. There are still a few things that you should do to make your card even safer, and protect yourself from fraud as much as possible.

Fraud Protection And Secured Credit Cards

Secured Credit Cards - Check

The Australian and New Zealand Banking Group Limited, also known as ANZ employs a whole range of methods and cards designed to help their customers in fraud protection and security when shopping. All ANZ credit cards prevent fraud by using the latest innovative technology.

The Eagle Eye

Some of these measures include the ANZ Falcon ™ security, Online shopping guarantee, micro-ship technology, PIN or pen choice, Verified by Visa, MasterCard SecureCode ™ and ANZ CreditCover Plus insurance. This comprehensive protection allows one peace of mind and confidence to shop online, over the counter or over the phone.

The ANZ Low Rate MasterCard offers the ANZ Falcon™, an anti-fraud protection feature which ensures that ANZ will contact the customer if there are suspicious transaction on your account to ensure that these were legitimate.

With ANZ Fraud Money Back Guarantee the customer is not liable for illegal or fraudulent transactions on the ANZ card, if the customer contacts ANZ immediately and did not help to bring about the loss. A Personal Identification Number (PIN) or signature also makes the authorisation of credit card purchases more secure.

Protective measures

The evolution of credit cards over the years is a testament to the steps banks have taken to prevent fraud. From its earliest physical predecessor, the “metal money” cards introduced by Western Union in 1914, banks have moved to plastic, implemented credit checks, added magnetic strips, required signatures, and assigned serial numbers. Today, these are all standard features. Modern add-ons include:

• Credit card codes. The card verification value (CVV) is a way for card issuers to make sure a user has the actual card in hand when making a transaction. This is especially useful for phone and online purchases. On Visa, MasterCard, and Diners Club cards, the CVV is the last three digits of the number on the back of the card; on American Express cards, it’s the last four digits. The numbers are not embossed and do not appear on any receipts, so they cannot be skimmed or stolen.
• Security chips. New credit cards now come with security chips, where information previously contained in the magnetic strip is stored. Confidential information is encrypted, making it harder to access and copy. While it’s not foolproof, chip cards can be trusted to ward off the most obvious attempts at fraud.
• Personal identification numbers. Along with the security chip came the PIN-enabled credit cards, wherein a personal code replaces the signature. This limits the chances of forgery. Chip and PIN technology in credit cards will be standard in Australia by 2013.
• Additional features. Some security features come only with high-end credit cards or are available for additional fees. For example, some credit cards offer identity theft cover and credit monitoring for about $15 per month. Many of these aren’t really worth the money, however, according to Kelli Grant of SmartMoney.com. Those worth opting for, she says, include zero-liability policies, temporary purchase numbers for online transactions, and to some extent, photo identification and purchase monitoring.

The Chip Technology

Some cards have microchips which make it much harder for swindlers and tricksters to copy card details. Another method ANZ utilises to aid its customers in fraud protection is to provide a password and unique message to authorise purchases when shopping online. The ANZ credit card shopping online guarantee protects your card against unauthorised, false purchases done on the card.

ANZ also provide tips to help educate customers about Internet credit card fraud and make them aware of the latest tactics used by fraudsters. These include tips on how to protect oneself from card skimming, on how to protect one's financial identity and how to improve online security, how to protect oneself when banking online, how to use the Visa Credit Card in an ATM Machine, online shopping tips when using a Visa Credit Card, how to protect one's privacy when using the Internet and how to identify a fraudulent credit card. In addition, ANZ also provides information about anti-money laundering, a spam alert guide, credit card protection tips, Australian credit card fraud statistics, and much more.

Secured credit cards are well known and bring relief to customers and consumers by preventing impulsive overspending, and people with less than perfect credit ratings can improve their ratings once again. Secured credit cards also are preferred by those who just don't like being in debt and borrowing money. It allows control over one's money, they are relatively easy to obtain and are convenient. These types of cards also inspire responsibility and financial freedom. Regular and timely monthly payments will allow credit lenders to increase the card limits and will help build a credit history.

Government action and consumer protection laws

The government has also taken steps to better regulate credit card use, although investigating every single case is out of the question. Indeed, police admit they’ve been passing “low-priority” cases on to the banks, saying they are low-priority and that compensation matters are beyond their authority. Besides, they added, although fraud has been on the rise in Australia, the numbers are still low compared to other developed countries.

One problem with regulating fraud is classifying the offence and determining its gravity. According to the Judicial Commission of New South Wales, since the crimes are often carried out by people entrusted with handling delicate information (such as bank employees), fraud necessarily involves a serious breach of trust. This means the punishment should reflect the gravity of the fraud (although not all are considered criminal offences), to “[deter] the offender and other persons from committing similar offences.” Five factors are taken into account when gauging the seriousness of the offence:

• The amount of money lost and whether it can be recovered
• The length of time the fraud has been going on
• The fraudster’s motivations
• The level of organization and sophistication involved
• Whether or not a breach of trust was committed

Recent cases have also prompted the court to take into account the crime’s impact on the victim and on public confidence.

Consumer protection laws were carried out by states and territories until January 2011, when the Australian Consumer Law came into effect as part of the Competition and Consumer Act of 2010. The ACL contains provisions that address some of the most widespread scams and frauds in the country, including deception, false representation, unreasonable conduct, false billing for unsolicited products, and pyramid selling.

Under the ACL, offenders are subject to a number of actions, including monetary penalties, injunctions, and requests for legal action from community service to jail time. The affected parties may also be awarded damages, and fraudulent contracts may be cancelled.

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