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Credit and/or debit card fraud is when a person's credit or debit card is illegally used by an unauthorised third party for financial gain. Credit and debit card fraud is a crime.
Sometimes the victim's credit or debit card is altered or replicated. The criminal does this by reproducing the information contained on the magnetic strip on the back of the victim's card (this act is called "skimming").
Fraud can also occur when the victim's card is lost or stolen and used by a third party to purchase goods or to obtain cash.
Other circumstances through which criminals can gain access to your cards include intercepting cards in the mail, or dishonest merchants making duplicate transactions on your card.
- If your card is lost or stolen, or if you think someone other than you may have conducted a transaction on your card, report it to your bank or financial institution as soon as you suspect something is wrong.
- Check your statements to ensure that you can account for every transaction.
- Don't let your card out of your sight, for example, if at a restaurant, take your card to the till to pay in person.
- Never leave an unsigned card lying around – always sign your card as soon as you receive it.
- Keep track of when new and reissued cards should arrive in your mailbox, and if they don't come within a few days of the expected time, contact the issuer immediately.
- Make sure your letterbox at home is secure.
- Avoid throwing away intact records of credit transactions (e.g. statements and receipts etc). It is preferable to keep this information safely filed, but even if throwing away old records, make sure the information is shredded or torn up so that it cannot be pieced together.
- When you use your credit card on-line, only ever do so using secure websites, (the way to tell if a website is secure is to look for a small key or lock symbol at the bottom right of the web browser window on your computer screen).
- When making credit card purchases over the phone it is normal to be asked to provide your credit card number. Never give your card number or card details to someone who makes an unsolicited call to you.
If your ATM or credit card is lost or stolen (or if your PIN has been revealed to another person), notify your bank or credit issuer straight away. They will put a stop on your card immediately so that no one else can use it and access your money. Most financial institutions have a specific 24-hour telephone number for reporting lost cards – keep a record of this number handy. Of course, if you don't know the number, simply contact your financial institution directly.
When a bank issues you with an access card you are usually required to select a that will need to be entered at the terminal whenever you use your card to conduct EFTPOS or ATM transactions. A PIN is a critical security measure designed to make sure that you and only you are the one using your card. Never divulge your PIN to anyone. No-one, not even your bank or the police, will ask you to tell them your PIN.
Some banking transactions, such as on-line banking or telephone banking, may call for a . A password is a string of characters chosen by you, sometimes made up of numbers and/or letters. Note that when using telephone or internet banking you will NOT be asked to divulge your PIN, but you WILL need to enter your password. As with your PIN, it is critical that you do not divulge your password to anyone, as it is a crucial way of ensuring that you are the only person who has access to your accounts when using banking facilities such as phone or internet banking.
- Do not give your PIN or your password to anyone.
- Be wary of unsolicited calls or e-mails requesting personal information or card numbers. You should never divulge your PIN.
- Try to choose PINs and passwords that can't be easily guessed or associated with you (e.g. avoid choosing your birth date, your phone number, your name, or any part of them etc – especially if this information is in your wallet along with your cards).
- Memorise your PINs and passwords and don't use the same ones for all your cards and accounts.
- Never write your PIN down and certainly never keep a record of it in your wallet or purse along with your card, no matter how well disguised you might think it is.
- If you are telephone or internet banking, you will be asked to enter a password and/or log-on code to gain access. Your bank will never ask you directly to reveal your PIN and you should never divulge your PIN.
- When entering your PIN at EFTPOS or ATM terminals, try to use your body to block the view of any bystanders as you are typing in the numbers.
ATMs (automatic teller machines) have become part of everyday life for many people, but it's always important to keep a few simple safety tips in mind when conducting ATM transactions.
- As soon as you've finished your transaction, put your money away (be sure to check that you also took your card and transaction receipt if you asked for one), and leave. Do not count your money out in the open.
- Always keep receipts of any ATM transactions you make, and use these records to check off against your account statements.
- Look for ATMs in locations that you are comfortable with – e.g. locations that are well-lit and not too far out of the way.
- Conduct your electronic transactions where you feel most secure. If you're uncomfortable withdrawing cash from an ATM at any time (e.g. perhaps the ATM is in a location that feels too secluded or out of the way, or perhaps you are concerned about other people in the vicinity of the ATM), try an alternative, such as using EFTPOS at a supermarket.
If you'd like to know more about keeping your cards and your accounts secure, visit the websites of these organisations for more information and tips:
Also visit your own bank's website – most major banks have information to help their customers bank safely and securely online.
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