Australian credit card fraud might be on the rise, but having said this, it still pales in comparison with other countries. The good news is that consumers can increasingly enjoy more secure environments when using their cards due to PIN and chip terminal securities. This is to help eliminate unnecessary risks and stay up-to-date with the demand in the market.
How safe is my PIN?
If you look at the statistical figures from the UK you’d probably think not so safe after all. After having implemented the new chip and PIN technology in the UK back in 2003 credit card fraud figures were exploding. In fact, losses increased from $728 million in 2003 to $874 million soon after. This was particularly attributed to thieves using the vulnerabilities in the remaining “old style” cards, those with a magnetic stripe.
Online card transactions:
Another common trap for credit card fraud are online card transactions. These result when the user (buyer) fails to use common security measures while shopping online. Things such as having an up-to-date anti virus software installed, using browser security settings and making sure you deal with a reputable website are key in giving you a more secure shopping experience on the net.
Fraudsters exploit your card stripe:
If you card contains a magnetic stripe, despite having been issued with a PIN it can still be used to steal your data. Worse still, thieves can steal your data and then forge a fake card which they then use overseas to clear out your account.
This practice alone has been responsible for large numbers of credit card fraud in recent years.
We are lucky here in the sense that we are mostly removed from the crime hubs. However, one day Australia will become a hub itself for those in the know about unsavoury data theft because our crime prevention measures are weak at best.
Countries such as the US are worst off since their lack of PIN technology puts them in the high-risk group. As cardholders we need to be educated about the security risks involved in using a credit card in the first place and one way we can learn more is by reading.
What we need in this country is a need for a co-ordinated roll out of chip and PIN technology. Co-operation between various card components will confuse and annoy fraudsters, helping to reduce credit card fraud in the process.
Source: Illawarra Mercury