Online Credit Card Fraud Continues To Rise

Keep Checking Your Bank Statement

Online Credit Card Fraud Continues To Rise

Here's something to think about when you're hunting down a bargain online.

There's been a major increase in online credit card fraud, which has more than doubled since 2011, eek!

So how can we keep our card number safe while we snap up a bargain?

We've spoken to AusPayNet CEO Leila Fourie, who suggests going through multiple layers of protection.

"Using what we would call a token, which is a number that represents your transaction but isn't your credit card number... that's certainly something that could work and it could be in the form of a BPay type instruction."

If you have to go through a couple of hoops before you make your payment for example using a biometric fingerprint to access the site or enable the payment. Secondly using, a one time pin that gets sent to you... this is sort of the new way of interacting online."

According to the Australian Payments Network report, in 2016 alone, fraud accounted for a whopping $534 million of card transactions online.

For every $1,000 spent online, 74.7 cents was lost to fraud.

Here are the TOP TIPS to keep safe:

• Always keeping their PC security software up-to-date and doing a full scan often.
• Only providing their card details on secure websites - looking for the locked padlock.
• Registering for, and using their financial institution’s online fraud prevention solutions whenever prompted.
• Checking statements carefully and reporting any suspicious transactions to their financial institution

 

;