How Secure Are Australian Credit Cards?

Information verified correct on October 1st, 2016
australian-credit-cards-data-security

What solutions are banks implementing?

Security on transactions conducted with credit cards is becoming a serious issue in Australia, as a report issued in 2009 conducted by Galaxy Research for Veda Advantage shows. According to this study the incidence of identity theft grew from 23% in the first half of 2008 to 26% in the same timeframe of 2009. This translates into approximately 4.4 million Australians being affected by identity theft.

As a result, banks are implementing more and more security measures to ensure that Australian credit cards are as secure as possible. For example, Citibank has employed the latest microchip technology for their credit cards to increase security. Additionally, in order to better educate the population in terms of identity theft and methods to avoid it, Citibank has compiled a complete information package for their customers, which will help them protect themselves from identity theft.

Likewise, Citibank also offers excellent customer service through multiple channels, round the clock, where their clients can have all their questions answered.

NAB also features a comprehensive list of tips to help their customers increase the security of their credit cards. For example, the website explains to customers how they should choose their PINs to reduce the likelihood of someone being able to figure it out. In other words, they advise that people shouldn’t pick PINs based on obvious dates, such as birthdays, or names, such as the family pet, and the PIN should never be written down or stored anywhere near where the card is kept.

ANZ Low Rate

ANZ Low Rate credit card

  • $58 p.a. annual fee
  • 13.49% p.a. on purchases
  • 0% p.a. for 18 months with 3% balance transfer fee on balance transfers
  • Cash Advance Rate of 21.74% p.a.
  • Up to 55 days interest free
  • Minimum Income Requirement of $15,000 p.a.

ANZ has a help desk that is available all day, every day to their customers. They also alert their customers regularly to show them exactly what can happen if they fall for a variety of online scams. By providing these examples, ANZ hopes to educate their clientele so they might protect themselves as there is little the bank can do when people fall for all the online and email scans requesting sensitive information. They hope to be able to reduce the incidence of unauthorised transactions with credit cards in this fashion.

Customers shouldn’t give away sensitive information pertaining to their credit cards

Unfortunately, more and more people are falling for fake emails that appear to have been sent by their bank which requires them to provide a wide range of sensitive information, including their credit card number and PIN. As a result, most banks now have clear warnings on their websites explaining to their customers that they will never, under any circumstances, ask for such sensitive information and that people should be wary of such emails. Of course, this is not an issue that is limited to Australian credit cards as it seems that these phishing emails are used frequently worldwide.

Credit cards are still safe

Australian credit cards are still one of the safest ways for people to borrow money to keep their cash flow positive, despite all the issues with identity theft. Banks are doing their part to make this process as safe as possible, including instilling a zero liability policy if there have been unauthorised transactions conducted on their credit cards.

Additionally, fraud prevention is of utmost concern to financial institutions and they invest both time and money to ensure they stay a step ahead of con artists. After all, if their customers don’t feel secure then they will turn to another bank. Thus, you can be assured that banks are doing everything in their power to increase the security of credit cards.

ANZ provide credit cards with an added level of security for safer online shopping

When shopping for a secure credit card to use online, it is highly recommended that the prospective customer visit the ANZ website. ANZ offers it consumers the services Verified by Visa and MasterCard SecureCode (trademark) which require a password (similar to a PIN number) and an individual and distinctive message to authorise purchases online.

These are free services which provide extra protection when shopping online at participating Verified by Visa merchants. The processes on how to be verified by Visa and how to enroll for MasterCard SecureCode are easily and visually explained. The ANZ Low Rate offers ANZ Falcon, a feature which protects against hoaxes, scams and deception. Recently, the ANZ Low Rate credit card became one of the top 3 low interest card offers in Australia.*

Be entertained

By the way, as part of its reward program benefits from ANZ reward cards, ANZ also offers ANZ eDine(R), an online entertainment program with member discounts for dining, hotels, car hire and attractions which the member might visit around Australia and New Zealand.

ANZ customers are covered by an ANZ Fraud Money Back Guarantee, which means that they are not liable for unlawful, false purchases done on their credit cards on the Internet. The card costs $58 p.a. annually, and offers 24/7 Credit Card Protection, which is the most comprehensive covering one could want. Customers pay 13.49% p.a. per annum on purchases and 21.74% p.a. per annum on cash advances. The good news is that one pays 0% p.a. for 18 months with 3% balance transfer fee on balance transfers.

ANZ also provides helpful hints about protection against Internet fraud, to help customers countermeasure identity theft and fraudulent online transactions. These include tips on how to prevent credit card scams, how to protect oneself when banking online, how to protect one’s privacy when using the Internet, tips to protect one’s financial identity and how to improve online security and tips on better Internet security when using one’s credit card. A lot of other helpful information is also supplied on the website.

For a secure credit card to use online, ANZ credit cards are definitively designed with fraud protection and security in mind.

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Credit Cards Comparison

Rates last updated October 1st, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
ME Bank frank Credit Card
Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
11.99% p.a. $0 p.a. Go to site More info
St.George Vertigo Visa
Introductory offer of 0% p.a. for 18 months on balance transfers and 1% p.a. for 12 months on purchases, plus a low annual fee.
1% p.a. for 12 months (reverts to 13.24% p.a.) 0% p.a. for 18 months $55 p.a. Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards CreditCardFinder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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