Australians have $528.2 million taken by fraudsters as they continue to steal cash

AUSTRALIANS are falling victim to fraud and there’s one area where thieves are having the most success.

NETWORK engineer Mike Mason had not travelled to the US recently nor had he made any transactions via dodgy websites but that didn’t stop fraudsters getting a hold of his credit card details.

On the way to work recently he received a text from his bank to say there had been a suspicious transaction on his credit card totalling $2500 in Louisiana more than 14,000 kms away.

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That’s the first moment he knew someone else had his banking information.

Responding

Unfortunately this is not an isolated case, AusPayNet figures show in the 2016/17 financial year Australians had a massive $538.2 million taken by card fraudsters.

Card-not-present fraud — like Mr Mason’s experience — has soared by 10 per cent in just 12 months and now accounts for 82 per cent of all fraud on Australian cards.

Network engineer Mike Mason, 39, recently had his credit card details stolen by fraudsters in the US who used more than $2000 of his funds. Picture: Sue Graham

“When this happened the first thing I thought was how the heck did they get my card details and I still can’t put my finger on how that happened,’’ Mr Mason said.

“Ten years ago if that had happened I wouldn’t have noticed for weeks but now you get notified almost instantly.”

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Mr Mason said one of the most frustrating aspects was having to realign his direct debits to link up to his new credit card which was issued a few days later.

The $2500 was also returned to his account.

Australians are not liable for any fraudulent transactions on their payment cards and are reimbursed as long as they have taken due care.

Customers should also report any suspicious transactions on their account if they are not made by them.

New Westpac figures have revealed 40 per cent of Australians have experienced some form of fraud in their lifetime and many criminals are caught out using the card in real-time, with some transactions even declined on the spot.

Credit card fraud is the most common (43 per cent) following by fraudsters tapping into transaction accounts (31 per cent.)

Westpac’s executive manager of financial crime management Benjamin Young said in many cases fraudsters use a person’s card number, expiry date and CCV online.

“Around 80 per cent of our fraud is under $1000 and I think 60 per cent is under $500,’’ he said.

“A lot of this comes from data base hacks who may not have the best security and may have their card details extracted to buy smaller value goods mostly.”

The Australian Banking Association’s chief executive officer, Anna Bligh, said modern technology has made our lives easier when making online bookings and order but customers need to protect themselves.

Australian Banking Association’s CEO Anna Bligh said customers need to always protect their bank details to prevent fraud from occurring.

“Smart ways to keep your information safe and protect yourself include checking a website’s security certificate when shopping online, regularly checking your bank statement and storing your financial records in a secure place,’’ she said.

Mr Young said it’s vital customers always give their bank up-to-date contact details so they can quickly contacted if something does go wrong.

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TIPS

— Don’t use unfamiliar devices.

— Update your antivirus software.

— Only use larger credible websites to make purchases.

— Travel with more than one card when travelling in case of an emergency.

— Report any suspicious transactions as soon as you are aware of any.

— Do not leave your cards unattended.

Originally published as Australians have $528.2 million taken by fraudsters as they continue to steal cash