How to Avoid Credit Card Fraud, Traps and Scams: Guide to preventing the risk

Being a victim of credit card fraud is not something anyone looks forward to or expects, but knowing what to steer clear of ahead of time can hold you in good stead.

Fraudulent use of credit cards has been around for almost as long as credit cards themselves. Apart from credit card fraud, credit card users also have to watch out for an array of traps and scams aimed at relieving them of their money. The good thing is you, as a credit card user, can take measures to make sure you don’t end up parting with your money. As a result, knowing what to watch out for is the first step to protecting yourself.

Credit cards with refund protection

Rates last updated December 10th, 2016.

American Express Qantas Discovery Card

The spend criteria for the bonus points has been changed from $300 to $750.

October 4th, 2016

American Express Platinum Edge Credit Card

Standard 10,000 bonus points offer + 0% for 12 months BT offer + $200 Travel Credit

November 1st, 2016

American Express Qantas Ultimate Card

New offer of 100,000 bonus Qantas Points + extended 0% for 12 months BT offer until 30 January 2017

November 15th, 2016

View latest updates

Jonathan Choi Jonathan
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
American Express Velocity Platinum Card
Enjoy up to 50,000 bonus Velocity Points when you meet the minimum required spend and earn up to 3 rewards points per dollar spent. Also receive a complimentary return flight every year.
20.74% p.a. 0% p.a. for 12 months with 1% balance transfer fee $349 p.a. Go to site More info
American Express Platinum Card
Receive 100,000 Membership Rewards Bonus Points when you meet the minimum spend requirement and earn up to 3 points per dollar spent. Gain access to travel insurance, $300 Platinum Travel Credit every year and access to 900 VIP airport lounges.
$1,200 p.a. Go to site More info
American Express Platinum Edge Credit Card
Receive 10,000 Membership Rewards Bonus Points when you meet the minimum spend requirement. Enjoy a $200 travel credit every year and get 0% p.a. for 12 months on balance transfers.
20.74% p.a. 0% p.a. for 12 months with 1% balance transfer fee $195 p.a. Go to site More info
American Express Qantas Discovery Card
Enjoy up to 7,500 bonus Qantas Frequent Flyer Points and 1 point per $1 spent, plus 0% p.a. on balance transfers for 12 months, all for a $0 annual fee.
20.74% p.a. 0% p.a. for 12 months with 1% balance transfer fee $0 p.a. Go to site More info
American Express Qantas Ultimate Card
Enjoy up to 100,000 bonus Qantas Points on eligible spend, earn up to 3 Qantas Points for every $1 spent and get a free domestic return flight every year.
20.74% p.a. 0% p.a. for 12 months with 1% balance transfer fee $450 p.a. Go to site More info
American Express Platinum Business Card
Receive 100,000 bonus points when you meet the minimum spend requirement and earn up to 2 Membership Rewards points for every dollar spent.
$1,500 p.a. Go to site More info
American Express Business Card
Earn Membership Rewards point per dollar spent on eligible purchases along with refund protection.
$109 p.a. Go to site More info

Credit cards with purchase protection

Rates last updated December 10th, 2016.

Citi Simplicity Card

5% cash back + 0% p.a. for 9 months on balance transfers. Offer ends 30 June 2017.

November 18th, 2016

Citi Rewards Credit Card - Platinum Card

0% p.a. for 24 months balance transfer offer has been extended until 17 March 2017.

November 21st, 2016

ANZ Frequent Flyer Platinum

50,000 bonus points offer has been extended, plus a new offer of $0 annual fee for the first year.

November 29th, 2016

View latest updates

Jonathan Choi Jonathan
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
St.George Vertigo Platinum
A platinum card with a balance transfer offer of 0% p.a. for 18 months and an introductory purchase offer of 1% p.a. for 12 months with an annual fee waiver for the first year.
1% p.a. for 12 months (reverts to 12.74% p.a.) 0% p.a. for 18 months $99 p.a. Go to site More info
American Express Essential Credit Card
Receive a $50 credit on eligible spend and get Smartphone screen insurance combined with a no annual fee for life card. Also enjoy a 0% p.a. balance transfer rate for 12 months.
14.99% p.a. 0% p.a. for 12 months with 1% balance transfer fee $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
American Express Qantas Discovery Card
Bonus points and purchase protection repairs or replaces eligible items if they are accidentally broken or stolen within 90 days of purchase.
20.74% p.a. 0% p.a. for 12 months with 1% balance transfer fee $0 p.a. Go to site More info
HSBC Platinum Credit Card
The HSBC Platinum Credit Card offers purchase protection cover for eligible purchases.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info
American Express Velocity Escape Card
Enjoy 7,500 bonus Velocity Points when you meet the minimum spend requirement and earn up to 2 points for every $1 you spend, together with a $0 annual fee.
20.74% p.a. 0% p.a. for 12 months with 1% balance transfer fee $0 p.a. Go to site More info
American Express Platinum Edge Credit Card
Receive 10,000 Membership Rewards Bonus Points when you meet the minimum spend requirement. Enjoy a $200 travel credit every year and get 0% p.a. for 12 months on balance transfers.
20.74% p.a. 0% p.a. for 12 months with 1% balance transfer fee $195 p.a. Go to site More info
ANZ Frequent Flyer Platinum
Get 50,000 bonus Qantas Points when you apply online, are approved and spend $2,500 on eligible purchases within the first 3 months. Enjoy a waived annual fee for the first year and earn up to 1.5 Qantas Points per dollar spent.
19.99% p.a. $0 p.a. annual fee for the first year ($295 p.a. thereafter) Go to site More info
HSBC Platinum Qantas Credit Card
Receive 60,000 bonus Qantas Points on eligible spend within 3 months. Enjoy access to premium benefits and complimentary insurance.
19.99% p.a. $199 p.a. Go to site More info
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
Citi Rewards Credit Card - Platinum Card
Enjoy a reduced annual fee on the first year, 0% p.a. for 24 months balance transfer offer, Citi Reward Points on eligible spend, plus a complimentary travel insurance.
20.99% p.a. 0% p.a. for 24 months with 1.5% balance transfer fee $199 p.a. annual fee for the first year ($249 p.a. thereafter) Go to site More info
ANZ First Visa Credit Card
Enjoy 0% p.a. balance transfer rate for the first 18 months, a low annual fee, interest-free days on purchases and a low minimum credit limit.
19.74% p.a. 0% p.a. for 18 months with 3% balance transfer fee $30 p.a. Go to site More info
Citi Rewards Credit Card - Classic Card
Earn points for every dollar spent on all eligible purchases and enjoy 0% p.a. on balance transfers for 12 months.
20.99% p.a. 0% p.a. for 12 months $99 p.a. Go to site More info
ANZ Platinum Credit Card - Exclusive Offer
Receive a low introductory offer of 0% p.a. on purchases for 3 months and 0% p.a. on balance transfers for 12 months. Also, enjoy an annual fee waiver in the first year.
0% p.a. for 3 months (reverts to 19.74% p.a.) 0% p.a. for 12 months $0 p.a. annual fee for the first year ($87 p.a. thereafter) Go to site More info
Bank of Melbourne Vertigo Platinum
A platinum card with a low balance transfer offer of 0% p.a. interest for 18 months and 1% p.a. for 12 months on purchases combined with complimentary insurance covers.
1% p.a. for 12 months (reverts to 12.74% p.a.) 0% p.a. for 18 months $99 p.a. Go to site More info
NAB Low Fee Card
Enjoy a low introductory rate of 0% p.a. on balance transfers and purchases for 15 months.
0% p.a. for 15 months (reverts to 19.74% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $30 p.a. Go to site More info
Citi Clear Platinum Card
A low rate platinum credit card with a low interest rate on purchases and balance transfers.
0% p.a. for 9 months (reverts to 14.99% p.a.) 0% p.a. for 9 months $99 p.a. Go to site More info
Citi Rewards Credit Card - Signature
Complimentary international travel insurance, transit accident insurance, interstate flight inconvenience insurance, purchase cover insurance and extended warranty insurance.
20.99% p.a. 0% p.a. for 6 months $199 p.a. annual fee for the first year ($395 p.a. thereafter) Go to site More info
Emirates Citi World MasterCard
Receive protection through guaranteed pricing scheme, purchase cover insurance, and extended warranty insurance.
20.99% p.a. 0% p.a. for 9 months $149 p.a. annual fee for the first year ($299 p.a. thereafter) Go to site More info
American Express Qantas Premium Card
Earn as much as 30,000 bonus Qantas Points when you meet the minimum spend requirement. Enjoy frequent flyer benefits including uncapped Qantas Points per $1 spent, complimentary travel insurance and Qantas Club lounge invitations.
20.74% p.a. 0% p.a. for 12 months with 1% balance transfer fee $249 p.a. Go to site More info

How-to guide for avoiding credit card fraud

It is not uncommon for Australian users to discover suspicious transactions on their credit card statements, but if you don’t keep close watch of your statement, than you may not even know.  If you, like many others, feel that you’ve become or might become a victim of credit card fraud, go through this guide carefully.

  • I replied to an email, letter or text offering me a 'prize'.Lottery & Sweepstakes scams Social Engineering Learn what to do

    How do I know this is a scam?

    • You did not enter the competition;
    • You are asked to pay a fee, provide bank account details and personal documentation to claim your 'prize'.

    What's going to happen if you fall victim to this type of scam?

    • Your money is gone and the prize will never be delivered.
    • Scammers often require you to send a copy of your driver's licence and passport to 'confirm' your identity before claiming your prize. This information is used to steal your identity.

    Take these actions:

    • Contact your financial institution and the Australian Competition and Consumer Commission immediately to alert them that there is a scam operating in your area.
    • If you sent money electronically:
      1. Check your account for unusual transactions.
      2. Contact your financial institution as they may be able to stop the transaction before it's processed.
      3. Contact a credit agency to confirm that the scammers have not applied for any financial products in your name.
      4. Scan your computer for malware using the latest anti-virus software.
      5. Change your passwords for your online accounts.
    • If you sent a cheque
      1. Contact your financial institution to cancel the cheque, they can do this before it's cashed.

    Do:

    • Do contact your lending institution immediately to inform them that you have accidentally taken part in a lottery scam.
    • Do report the scam to the Australian Competition and Consumer Commission, and tell your family and friends to spread awareness of the scam.
    • Do treat any correspondence asking for money with the utmost suspicion.

    Don't:

    1. Don't engage in any form of correspondence with the fraudulent offer.
      • Don't call the number listed on the scam as it may be a premium international number.
      • Don't open any attachments or click on any links within the fraudulent email as they may contain malicious software.

    Out of the 7,863 people who reported a lottery and sweepstakes scam in 2011, only 3.5% reported losing money, accounting for over $4 million.

  • An email asked me to enter my account details. Phishing
    Social Engineering
    <Learn what to do

    How do I know this is a scam?

    • Trent Youl, CEO of Anti-Phishing company Fraudwatch International says: "there are a number of warning signs to look out for when spotting a phishing scam. Criminals are very smart and they try everything they can to make the email appear like it's coming from a genuine institution."
    • "Typically, a phishing email will have a link, an attachment or call to action for people to update their details." He added that the link will take them to a website that has: "the same look and feel as the original, but is always on a hacked site that may contain part of the genuine domain", for example: http://gorazor.ru/ua/.bankwest.com.au/;
    • "Your financial institution or a government department will never contact you asking you to enter your account or internet banking details." He added that: 'if they do, most financial institutions will address the email to a particular person, if it isn't specifically addressed to you or contains any specific identifying information this is a good sign that it may not be from the bank";
    • Grammar and spelling mistakes are a dead giveaway.

    What's going to happen if you fall victim to this type of scam?

    • If you click on the link, you will be asked to enter your online banking information or credit card details like you would when logging on to internet banking;
    • Once the scammers have your internet banking details they have full control over your finances and are capable of everything from emptying your bank account through to applying for a credit card or home loan in your name.

    Take these actions:

    • If you have not opened the email or attachment take these steps:
      1. Send the email to your financial institution as an attachment to alert them of the scam:
    • If you have opened the email and entered your bank account details, the Australian Competition and Consumer Commission and various financial institutions recommend you take these actions:
      1. Check your online bank statement for any unusual transactions and contact your lending institution immediately, inform them that you have entered your banking details into a fraudulent email and ask for your account to be frozen.
      2. Perform a scan on your computer checking for malicious software.
      3. Change your internet banking login information and usernames and passwords for any other online accounts.
      4. If you have lost money, you will need to file a police report.
      5. Check your credit history see if your details have been used to apply for a credit card or loan.
      6. Report the scam to the Australian Communications and Media Authority.
      7. Spread the word among your friends, family and social network to increase awareness of the scam.

    Do:

    • Do treat all requests for your banking information as suspicious.
    • Do have a look at what the email is saying and use common sense to determine whether or not you should enter your sensitive personal information.
    • Do delete these emails after informing your lending institution.

    Don't:

      • Don't use the links provided in the phishing email or download any attachments.
      • Don't reply to the email
      • Don't use your online banking account until you have performed a check of your computer system for malicious software.

    4.7% out of the 5,430 Australians who reported phishing scams lost $1,299,869 in 2011

  • Someone has called me asking for my details or to log onto my computer.Telephone scams
    Social Engineering
    Learn what to do

    How do I know this is a scam?

    • Someone contacts you over the telephone saying they’re from 'Microsoft’, the Australian Tax Office, your lending institution or another trusted source and asks for your banking details or for you to log on to your computer.
    • Representatives from one of these trusted organisations will never contact you asking for your personal information.

    What's going to happen if you fall victim to this type of scam?

    • They will ask you to verify your credit card details or to provide them with your credit card or security number. This information will be used for fraudulent purposes.
    • If they ask you to log on to your computer, you will be directed to a hacked website where your personal information will be compromised.
    • Once the scammers have your credit card information they may use it to steal funds from your accounts or steal your identity.

    Take these actions:

    • The Australian Competition and Consumer Commission advises people who receive these calls to take the following actions:
      1. If you're unsure about the legitimacy of a phone call, hang up and call the official number of the organisation they are claiming to be from. This will help you identify whether the call is legitimate or not.
      2. If you think you have provided your account details to a scammer, contact your bank or financial institution immediately and inform them of the situation.

    Do:

    • Do hang up the telephone and call the listed number of the organisation to verify the call’s legitimacy.

    Don't:

    • Don’t provide any personal or financial information to someone just because they have your telephone number.

    Reported telephone scams increased by 28,883 between 2010 and 2011 and are the most common way for scammers to contact you with over half of all scams initiated over the telephone.

  • Someone has contacted me asking to help transfer money out of their country..Advance Fee Fraud - Nigerian 419 Scam
    Social Engineering
    Learn what to do

    How do I know this is a scam?

    • This usually takes the form of an offer to help someone to transfer money out of their country.
    • Scammers will ask you to make a one off payment or provide your bank account details to cover fees, taxes or charges to release a large sum of money from one location, usually a central bank.
    • If it's too good to be true, it is.

    What's going to happen if you fall victim to this type of scam?

    • If you send money to the scammers, they will continue to make up excuses as to why they need more money to pay 'fees and taxes' - this will continue until they think they have gotten as much as possible from you.
    • You will never see the cash that was promised to you.
    • According to the Australian Institute of Criminology's 1999 report on Nigerian Advance Fee Fraud, those involved in this type of fraud are involved in other types of criminal activity such as: "credit card fraud, false identity fraud, forgery and immigration fraud involving counterfeit passports and visas."

    Take these actions:

    • If you have provided your bank details and personal information:
      1. Check your bank account statements for any unusual transactions.
      2. Contact your financial institution and inform them that you have accidentally taken part in a 419 scam.
      3. Run an anti-virus scan on your computer to check for malicious software.
      4. Change your online login information including any social media accounts.
      5. Contact a credit reporting agency to make sure any accounts have not been opened in your name.
      6. Contact the Australian Competition and Consumer Commission and inform them you have fallen victim to advance fee fraud.
    • If you have made a one off electronic payment:.
      1. Contact your lending institution and inform them that you have fallen victim to advance fee fraud. Your lending institution may be able to recover the funds if you act quickly.
      2. Do a full system check for malicious software on your computer using the latest anti-virus software.
      3. Change your online username and passwords
      4. Contact the Australian Competition and Consumer Commission.
      5. Ignore any further attempts by the scammers to contact you.

    Do:

    • Do treat any requests for money made by a stranger as a scam, no matter what they are offering in return.
    • Do spread the word among family and friends to raise awareness of the scam.

    Don't:

    • Don't try and follow the scam up with the scammers. Take it to the proper authorities.

    Approx. $27,483,743 was lost by 2759 Australians through Advance Fee Fraud in 2011

  • I think the person I am dating is not who they say they are?Dating & Romance scams
    Social Engineering
    Learn what to do

    How do I know this is a scam?

    • Jason Chuck, Country Manager from eHarmony says there’s a couple of tell tale signs that someone may be trying to get to your wallet through your heart: "online dating scams are similar to a lot of other online scams in that they aren’t very inventive", he said. Chuck gave the following signs to look out for when trying to spot a scam:
    • Your chances of being approached by a scammer are much higher if you are using a free online dating service as: "scammers literally send out emails by the thousands";
    • "The person is moving too fast and looking for a commitment right away";
    • "If someone asks for money, under any circumstance, it's almost always a scam";
    • "People should use their best judgement, if common sense tells you this doesn't feel right, it probably isn't," Chuck says.

    What's going to happen if you fall victim to this type of scam?

    • The online dating site you use will determine how easy it is for scammers to contact you and your level of protection.
    • The person who is posing as a 'love interest' may make multiple attempts to get your money.
    • Usually the attempts will take the form of a story detailing hardship and misfortune in an attempt to play on your emotions.
    • Any money sent has little to no chance of being recovered, even if the scammers are caught.

    Take these actions:

    • If you haven't provided your personal or banking details, Chuck advises that members of online dating services should contact the websites dispute resolution team to verify whether the person they have engaged with is legitimate.
      1. The larger online dating services have the ability to track IP addresses, check to see which other members the person in question has been in contact with and close the account if necessary.
      2. Ignore any further correspondence.
     
    • If you provided your online banking details, Contact your financial institution and inform them about the scam. They will monitor your account for fraudulent transactions.
      1. Run a scan on your computer to check for malicious software that may have infected your computer during the course of the romance.
      2. After you scan your computer, change your online passwords.
      3. Ignore any further correspondence.

    Do:

    • Do use the proper channels of communication when engaging with someone over the internet.
    • Do try and think about the situation logically.

    Don't:

    • Don't give away too much about yourself until you're sure you know the person is who they say they are
    • Don't provide your credit card information, even if you think you know them well.

    48% of all Australians who were involved in a dating and romance scam lost money in 2011, down from over half in 2010.

  • I think I clicked a dodgy link on the internet.MalwareLearn what to do

    How do I know this is a scam?

    • Keith Price Director of I.T security firm Black Swan Consulting, says that: "malware used to be easy to detect because it caused your computer to crash, but nowadays, the people who write these programs are so sophisticated that it's extremely difficult to know you have a malicious program on your computer until it's too late."
    • Malware can infect your computer in the following ways:
    • You have clicked on a link or have visited a website that was sent to you through spam or phishing email or you have clicked on a pop up window while browsing the internet.
    • When downloading movies, music or pictures, the site you are visiting wants to install another program to let you download the requested content.
    • You have received a phone call from someone claiming to be from a trusted organisation telling you your computer is infected with malware and asking for remote access to your computer.

    What's going to happen if you fall victim to this type of scam?

    • Computers infected with malware are open to a range of attacks from malicious software known as spyware, trojans or adware.
    • These programs can do a range of damage, but a typical effect is the hackers can record every move you make on your computer. This includes the information you enter to access your online banking accounts, usernames and passwords for social media accounts. Hackers then have access to steal your money and impersonate you online.
    • ANZ's Electronic Bank Security Guarantee will fully reimburse unauthorised transactions provided that they meet with their electronic banking conditions of use, as described under the EFT Code of Conduct - claims of up to $10,000 are guaranteed to be reimbursed within 5 business days of submitting a transaction investigation request form.

    Take these actions:

    • The Australian government's Stay Smart Online initiative advises people who believe their computer is infected should consider the potential risk for determining the best course of action:
    1. Check to see that no unusual transactions have been made on your account. This can range from small transactions of a dollar or less through to large transactions of hundreds or thousands of dollars.
    2. If you have detected an unusual or unauthorised transaction: Contact your lending institution to inform them that your computer may be compromised by malware.
    3. Scan your computer with the latest anti-virus software to find any malware and remove it. Some types of malware require sophisticated anti-virus software to be removed.
    4. Change your online banking login information and any other online usernames and passwords.

    Do:

    • Price suggests a depth and diversity approach to computer security: "Do run a 3rd party Internet security suite in addition to the free Microsoft Defender [also found in Windows Control Panel] and install patches to minimise the risk of having your computer infected."
    • Do make sure your computer has all the latest patches installed on it: "For Microsoft users, free patches are released on every second Wednesday of the month and should be installed as soon as they are released", Price said.

    Don't:

    • Don't use public or shared computers for your online banking. They are far less secure than a personal computer as you don't know what the other users have been up to.

    Computer hacking scams are up from 4983 reported cases in 2010 to 19,473 in 2011.

  • Someone is trying to use me to launder money over the internetMulingLearn what to do

    How do I know this is a scam?

    According to an Australian Federal Police Spokesperson, ways to spot a money muling scam include:
    • "The mule is usually approached online via email or instant message, or criminals may advertise on legitimate employment websites and in newspapers."
    • "Unsolicited job offers or opportunities which promise you can work from home and make easy money."

    What's going to happen if you fall victim to this type of scam?

    • Once the mule has been recruited by the fraudsters, they either open a new bank account or provide details of their own bank account in order to receive the stolen funds.
    • Once the funds have been received they are transferred offshore to a 3rd party criminal account.
    • The mule collects a commission for the transaction and is left open for either criminal prosecution by the police or having their identity stolen by the scammers.
    • The AFP warns that: "Persons engaged in the laundering of stolen funds may be charged criminally with money laundering offences. A conviction for an offence of money laundering may attract a penalty of up to 25 years imprisonment and/or a $165,000 fine."

    Take these actions:

    • If you believe you have engaged in a money laundering scheme:
      1. Contact your financial institution immediately and inform them that you have had an unauthorised deposit into your account.
      2. Contact the state and federal police and inform them that you have accidentally participated in a money laundering scam.
      3. Keep the correspondence between yourself and the criminals to assist police in their investigation.
      4. Ignore any further attempts at solicitation by the criminals.

    Do:

    • Do contact the police if you feel you are being solicited for an online money laundering scam.
    • Do keep records of all attempts at communication from the scammers to aid police in their investigation.

    Don't:

    • Don't accept any offer from the thieves to deposit funds into your account. You may be liable for prosecution by the police.
  • Someone has been using my credit card.Card skimming
    Credit Card Fraud
    Learn what to do

    How do I know this is a scam?

    • Crime Prevention Officer Senior Constable Julie Lewis from Eastwood Local Area Command, gave these tips to residents of a Sydney suburb after an ATM skimming ring was uncovered in their community:
    • "There are two things skimmers must do. First they steal your card information via a device that has been fitted to the area where you put your card into the machine. Second they steal you PIN number through a device attached to the top of the key pad or a small hidden camera fitted to an area where it can film people entering their key pad," she said;
    • Tampered machines often look suspicious and can be identified by wiggling the area where you enter your card into the machine. If it's loose, walk to another ATM.
    • Other signs include, a purchase on your statement for goods or services that you never used in a place you have never visited; and
    • You have been contacted by a member of your lending institutions fraud investigations team or they have blocked your account due to unusual transactions.

    What's going to happen if you fall victim to this type of scam?

    • A 'cloned' card can be created to spend your money and credit.
    • The stolen amount may be large or small depending on the scammers method of operation.
    • This information can be used to steal your identity and apply for loans or additional cards in your name.
    • The Commonwealth Bank and other major lenders monitor your account 24 hours a day and will notify and suspend your account if a suspicious transaction is discovered.
    • Visa and MasterCard's Zero Liability agreement will refund all defrauded funds provided their conditions are met.

    Take these actions:

    • Westpac advise that you must:
    1. Contact your lending institution as soon as you read your statement and see a suspicious or unauthorised transaction.
    2. Have your primary and additional cards and accounts blocked and re-issued.
    3. Create a record of the fraud and complete a 'Transaction Investigation Request form', outlining the list of transactions that are fraudulent.
    • It's also advised that you:
    1. Obtain a credit report to verify that your details have not been used to open any fraudulent accounts.
    2. Report the incident to your local police authority.
    MasterCard Zero Liability Agreement:
    The customer is not liable to cover for fraudulent transactions on their MasterCard provided they meet the following conditions:
    You have shown that you have taken care in protecting your card from loss, theft, or unauthorised use; and
    You notify your financial institution immediately after you discover your card is lost, stolen or has been fraudulently used; and
    You have not reported two or more incidents in the preceding 12 months; and
    Your account is in good standing; and
    You are in compliance with the terms and conditions of the card holder agreement,

    Do:

    • Do check every ATM machine you use for the tell tale signs the machine has been tampered with.

    Don't:

    • Don't make it obvious when you are entering your PIN number at an ATM machine.

    There were 108,382 instances of counterfeit and cloned Australian cards being used in Australia and overseas for a total loss of $41,189,295 in 2011.

  • Someone has applied for credit in my name!Identity theft
    Credit Card Fraud
    Learn what to do

    How do I know this is a scam?

    • Andrea Peters, a spokesperson from leading credit rating agency, Veda, says: "often there are few warning signs before you are contacted for payments against the credit or services the criminals have acquired using your identity."
    • She adds that other warning signs might include, "charges on your bank or credit card statements that you don't recognise;
    • receiving mail from a company or organisation you have had no interaction with, often relating to payment of debts or inquiries into services you have not made; and
    • irregular or failed postal delivery of bank or credit card statements can indicate criminal are intercepting or have redirected your mail."

    What's going to happen if you fall victim to this type of scam?

    • Peters says that: "the impact of identity theft can be both finically and emotionally devastating and it's extremely difficult, time consuming for an individual to rectify."
    • She also adds: "criminals use this type of information to obtain credit, purchase goods or services, falsify applications for passports, driver's licences and other documentation."
    • But that's not all the crooks can do with your details Peters says: "they can even fraudulently claim government benefits or medical treatment and engage in other criminal activity in your name."

    Take these actions:

    • The Australian Securities and Investment Commission advises that if you have your identity stolen you should:
    1. Report the problem: if you believe someone may have used your identity details fraudulently, take the following actions immediately:
      1. Request a copy of your credit file from a credit reporting agency such as, mycreditfile.com.au, to confirm the information on the file relates to the applications for credit that you have made;
      2. Contact any credit providers listed on your credit file to whom you have not applied for; and
      3. contact the police and report the crime.
    2. Keep records of your conversations. When dealing with a matter of this severity, keep all notes of the conversations including:
      1. Names;
      2. contact numbers;
      3. the date you spoke; and
      4. key details of the conversation.
      5. Peters says it's also important to ask questions so you understand the process: "each credit provider may have their own process for handling fraud. Note these requirements so you can comply with them."
    3. Your files will then be investigated. Peters says that: "each of the credit providers will conduct their own investigation and notify the us (credit reporting agency) of the outcome. The agencies will then remove any fraudulent information from your credit file."Credit Bureaus
      • mycreditfile.com.au
      • Secure Sentinel: securesentinel.com.au

    Do:

    • Veda suggest that you, do shred any paperwork that contains your personal details or account details before throwing it away.
    • Do know what is on your credit file.
    • Do use a lock on your letterbox and make sure that you place mail holds or mail redirects if you are travelling or change address.

    Don't:

      • Don't be blasé about losing your wallet, mobile phone and other personal items. They can all be used to steal your identity.
      • Don't allow shop assistants or waiters to take your credit or debit cards out of your sight when completing transactions. This can help to prevent 'skimming' where thieves take your credit card details to use again later.
      • Don't give any personal information to telemarketers, door-to-door sales people or market researchers.

    A study by the Attorney General’s department shows that 1 in 6 Australians have been a victim or know someone that has been a victim of identity theft in the first half of 2011.

    58% of occurrences were through the internet - 30% through a lost or stolen card.

    55% of transactions were used to purchase lost or stolen goods and 26% to obtain finance, credit or a loan.

  • The item I bought online hasn’t arrived!Auction ScamsLearn what to do

    How do I know this is a scam?

    • The item is offered for considerably less than the online retail price.
    • The scammers try to get you to do the deal outside of the auction house.
    • Scammers may provide a link to their preferred banking site that can infect your computer with malware once clicked.
    • The seller has negative feedback or a bad online reputation.

    What's going to happen if you fall victim to this type of scam?

    • How you paid for the item determines what the possible repercussions will be.
    • If you paid via wire service your money and goods are lost: eBay strongly discourages the use of Instant Cash Wire Transfers, such as Western Union as: "generally, no recourse is available if the item is not delivered as promised, even if you use your credit card to send the payment."
    • If you paid by credit card you may be able to cancel the payment or be reimbursed by your financial institution: Card issuers and card schemes provide some level of protection provided you meet with their Electronic Funds Transfer policies but this method of payment provides your private financial details to strangers.

    Take these actions:

        • If you have fallen victim to an online auction scam:

    Report the incident to the relevant police authority. You will need to provide the following documentation:

        • Copies of all the emails relating to the offence.
        • A copy of the auction page including the username of the offender, the item number and a description of the item you have bought.
        • Bank and transaction records.
        • If you paid by credit card,

    Contact your financial institution and fill out a transaction investigation request form. Get a copy of your credit report and statements to check that there are no other unusual transactions on your account or no products have been applied for in your name.

    Do:

    • Adopt the too good to be true rule of thumb when shopping online.
    • Do check the online reputation of the seller before engaging in a transaction.
    • Do use a escrow service if you are unsure about the transaction.

    Don't:

    • Don't delete the emails relating to the fraudulent transaction, keep them all for future reference.
    • Don't provide your credit card details.
    • Don't pay through an instant cash wire transfer.

    43.4% of people involved in the 5,012 reported online auction and shopping scams lost a combined $4,161,590 in 2011

Back to top

Important Contacts

Australian Federal Police:

  • ACT:(02)6126 7133
  • NSW:(02)9286 4000
  • NT:(08)8980 1300
  • QLD:(07)3222 1222
  • SA:(08)8416 2811
  • TAS:(03)6230 1525
  • VIC:(03)9607 7777
  • WA:(08)9320 3444
  • After hours: AFP Hotline: 1800 813 784.

Australian Competition and Consumer Commission:

  • 1300 300 630

Australian Media and Communication Authority:

  • to report a SMS scam, forward the message to: 0429 999 888
  • to report an email scam, forward the message to the Spam Intelligence Database: report@submit.spam.acma.gov.au

Financial institutions:

  • NAB - 1300 651 656
  • CBA - 132 221
  • ANZ - 133 350
  • Westpac - 132 032

The Electronic Funds Transfer Code of Conduct Sets out the situations when you will and will not get your money back in regards to a fraudulent transaction on your account.

You will get your money back when:

  • A forged, expired or cancelled PIN or card was used,
  • A transaction took place before you received your card,
  • A transaction took place after your told your financial institution that your card was lost or stolen or that someone else may know your PIN or password,
  • It's clear that you haven't contributed to the loss.

You won't get your money back when:

  • You acted fraudulently,
  • You didn't keep your PIN or password secret,
  • You unreasonably delayed in telling your financial situation that your card or PIN has been lost or stolen or someone else may know your PIN code.

finder’s credit card fraud prevention tips

In this day and age, you should ideally be more concerned about leaving your credit card unattended at a bar or restaurant as compared to using it for online transactions, although this is not a practise many follow.

The misuse of credit cards is a popular crime for a few simple reasons. A credit card transaction involves a transfer of valuable information over networks that often don’t carry enough protection, becoming an easy and beneficial target for fraudsters.

crying man holding his credit cardHow many Australians suffer from credit card fraud?

As per the Australian Institute of Criminology, credit card fraud is amongst the most under-reported crimes in the country, with as many as half of all victims not reporting such incidents. As per the Australian Institute of Criminology, the total number of fraud cases, not limiting to credit card fraud, has been relatively stable over the last decade, hovering at around 100,000 instances per year.

How much is credit card fraud costing us?

As per data from the Australian Payments Clearing Commission, in the 2014 financial year there were 1,456,796 fraudulent transactions relating to scheme credit, debit, and charge cards, which resulted in a loss of $321,837,877. As per a 2010 survey conducted by the Australian Bureau of Statistics, 380,000 out of 800,000 participants were victims of credit card fraud.

What about identity fraud?

Identify fraud is when someone else takes on your identity with the main aim of using your name to procure merchandise on credit, and it’s well on its way to overshadow most other kinds of credit card related scams. As per the Australian Institute of Criminology, 4.3% of Australians aged between 35 to 44 years were victims of identity fraud in 2010. This percentage changes to 4.2% and 3.9% for age brackets of 25 to 34 years and 45 to 54 years, respectively.

Back to top

Top 11 credit card scam prevention tips

Although it’s difficult to predict whether you’re going to be a victim of credit card, here are a few tips that can help you protect yourself just in case:

  1. Never let your card get out of sight. No matter where you have to use your credit card, make sure you can see it at all times. Keep it away from prying eyes and camera equipped mobile phones.
  2. Keep your card to yourself. It’s alright to treat your card like treasure, and don’t share it with friends or family members. Sign your card as soon as you get it.
  3. Don’t click on suspect email links. This form of phishing is gaining popularity, getting unsuspecting people to click on links prompting them to check their offline/online accounts. Never log in to your credit card or bank account through an external ink.
  4. Don’t fall for ‘update information’ emails. There are instances when fraudsters send emails to individuals asking them to update their credit card or bank account details. Never click on any links in such emails, and never provide any information.
  5. When online, look for https://. If you’re using your credit card details online, look for https:// at the beginning of the website address instead of the previously prevalent http://. The added ‘S’ stands for added security.
  6. Review your statements. Go through your statements carefully each month, and if you spot a suspicious transaction, report it immediately.
  7. Don’t sign blank receipts. Some hotels still require their guests to sign blank receipts when they check-in. Never do this, and ask the person you’re dealing with to enter an amount instead. When you checkout, make sure the receipt is ripped or shredded.
  8. Backup details. Keep a backup of your credit card numbers and account numbers in case you need to report stolen cards or fraudulent charges.
  9. Use safe websites. Any website you make purchases through should offer safe and encrypted transmission of your information. For optimum safety, look for a padlock icon just before the address bar in your browser.
  10. Don’t provide details via email. Never provide your credit card or bank account details via email. No reputable seller deals this way, and remember that emails aren’t very secure.
  11. Notify your bank when you move. Before you move, make sure you inform your bank about the same, because you never know who might get access to your financial information next.
Back to top

How does credit card fraud work?

As per the Australian Crime Commission’s definition, card fraud is when someone makes use of a credit, debit, or stored value card to make purchases or withdraw cash without the owner’s permission, and of the three, credit cards are the most commonly misused. Fraudsters keep coming up with new ways to use credit cards, and while many previously used methods have become obsolete owing to technological advancements, some of the methods still manage to serve the purpose.

The following four categories account for a significant percentage of all credit card frauds reported in Australia:

  • Card-not-present fraud. In such a scenario, a fraudster can make use of your credit card details to make online and over-the-phone transactions, where there is no need for a physical card, a PIN, or a signature.
  • Counterfeit card fraud. Making a counterfeit credit card is not difficult if one has the right tools and supplies, and when it comes to getting credit card data, fraudsters can get this directly from your card using a method called ‘skimming’ or they can buy it from underground markets.
  • Not-received fraud. This is when a fraudster gets access to your credit card before you do, mostly through your mailbox. Using such cards over-the-phone and online is quite common.
  • Application fraud. In this case, someone might actually apply for a credit card in your name, using your personal details, and then use it to make purchases and for cash advances.

How can I protect myself from fraud?

Fraudsters and scammers can get access to your credit card or its details in various ways, so it pays to be watchful. To minimise the possibility of credit card fraud and misuse you can take certain protective measures, which include the following:

  • Don’t provide your credit card details to any business over the phone, via email, or via text messages
  • Don’t part with your credit card details on websites you don’t trust
  • When making in-store purchases or paying at restaurants, keep your card in sight, and watch out for a second card reader used for ‘skimming’ your card’s information
  • Don’t fall for phone calls made by fraudsters pretending to be calling from the fraud department of your card provider
  • When you get a new card, sign it immediately
  • Memorise your PIN and destroy any written evidence of it

What should I do if I suspect fraud?

While credit card fraud is not difficult to prove in court, not all cases make it that far, mainly because many fraudulent schemes are not easy to pin down. Besides, there are instances when fraudsters operate from outside Australia, which puts them beyond the authorities’ control. If you suspect you’re a victim of fraudulent transactions, here’s what you can do:

  • Interstate/overseas scams. Get in touch with the ACCC, as it’s the only body that deals with such in incidents. You can report a scam directly to its Infocentre using an online form.
  • Financial and investment scams. Malicious offers related to credit accounts, superannuation funds, and the likes fall under this category, and you should report these to the Australian Securities and Investments Commission.
  • Tax scams. If you feel you’re a victim of a scam targeting your tax returns, file a complaint with the Australian Taxation Office, which you can do via email.
  • Bank and credit card scams. In such situations, you should get in touch with your bank or card provider first, and you can then contact both, ACCC and ASIC.
Back to top

How am I protected against fraud?

Credit card providers continue to look for ways and means to make credit card transactions safer and more secure, and there have been noticeable improvements in this realm since credit cards first came into being.

Secured credit cards.

Just about every credit card provider relies on multiple methods to provide security to cardholders. ANZ and Westpac Banks, for instance, rely on Falcon for round-the-clock account monitoring, and Commonwealth Bank relies on it online fraud prevention solution, NetCode.

Protective measures

Credit card providers, as mentioned, make use of multiple safety measures, and here’s what you can expect from a typical modern day credit card:

  • Credit card codes. If you look at the back of your credit card you’ll see a card verification value (CVV) number, which card issuers rely on to establish if a user actually has access to the card in question. If you have a Visa, MasterCard, and Diners Club card, the last three digits on the back of the card make the CVV number, and in case of American Express cards, the last four digits make the CVV number.
  • Security chips. While credit card previously stored cardholder information on magnetic strips, newer cards make use of microchips, which offer increased protection when compared to magnetic strips. Data on these cards is encrypted and more difficult to copy.
  • Personal identification numbers. Newer cards also do away with requiring signatures on receipts, and you have to enter a PIN instead, thereby increasing security by a certain degree.
  • Online security. MasterCard SecureCode and Verified by Visa provide additional security when you use a MasterCard or Visa credit card online. These programs require you to enter certain personal information before completing unusual or suspicious transactions.
  • Additional features. Certain high-end credit cards offer additional peace of mind through zero liability policies and optional identity theft covers.

Government action and consumer protection laws

The Judicial Commission of New South Wales opines that individuals entrusted with handling delicate information are often the perpetrators of such crimes, thereby involving a serious breach of trust. The seriousness of any such offense takes the following factors into account:

  • Amount of money lost and possibility of its recovery
  • Length of time of the fraud
  • Fraudster’s motivations
  • Level of sophistication and organisation
  • Whether or not a breach of trust is involved
  • Impact of crime on the victim and on general public confidence

The Australian Consumer Law that came into effect in 2011 contains provisions that deal with some of the most common types of fraud, and offenders can be subject to actions like injunctions, monetary penalties, community service, and jail time.

Incidents of fraud in Australia

Lying Woman

Despite its notorious dependence on credit cards, Australians are still less vulnerable to fraud than those in other developed countries. In Britain, for example, 141 out of every 100,000 transactions in 2009 were fraudulent, compared to just 9 out of 100,000 in Australia, according to Smart Company. Here are some of the biggest and most recent:

  • The MasterCard hack. Considered one of the biggest hacks in the world at the time, this 2005 incident put some 40 million credit card holders at risk as hackers got hold of their information from the MasterCard database. Only a few thousand were affected in Australia, and they were quickly issued new cards by their respective banks. But the evidence took months to surface; although the news broke out in June, suspicious transactions were traced as far back as December of the previous year.
  • The Queensland fraud rings. Separate arrests made in Queensland in 2007 and 2009 may be linked to the same global syndicate that creates fake credit cards using data stolen online. In the more recent arrest, the fraud was believed to have cost consumers about $1 million, making it the biggest fraud of its kind in the state’s history.
  • The inter-bank breach. Three of Australia’s Big Four Banks—Commonwealth, National Australia Bank, and Westpac (including its recently acquired arm St. George)—had to cancel some 8,000 credit cards in May 2011 after their records showed several suspicious transactions. A link to the recent Sony PlayStation hack was quickly disproven, but as the incident followed a series of ATM glitches, it brought attention to the banks’ out-dated computer systems.
  • Taxi card skimming. Rising incidence of card skimming, where information is copied off a card’s magnetic trip, in passenger taxis have prompted authorities to tighten their license regulations. The scam was reported in Melbourne as early as 2009, but as of mid-2011 many cab drivers were still found to be using non-secure payment methods and operating under fake authorisations.
  • Melbourne fake credit cards. In 2006, North Melbourne-based Choon Ping Ng was jailed for three and a half years for his involvement in an international fake card scheme that ran back to 2003. He was believed to have pocketed $60,000 out of the estimated $3.5 million of fraudulent transactions, which were traced to Malaysia and Singapore.
  • Wagga card fraud. Two separate incidents in Wagga Wagga, New South Wales in 2007 and 2009 point to a national or possibly international fraud ring involved in using fake credit cards to make purchases. In 2007 five arrests were made, and transactions totalling around $850,000 were uncovered. However, more fake cards were found to be in circulation in 2009 and local businesses were warned to keep an eye out for suspicious customers.
  • Paralympic phishing scam. “Phishing” is a Web term for a plot to retrieve personal and financial information, usually through false e-mails. One of the most memorable phishing scams to hit Australia asked people to help fund the Australian team for the 2004 Paralympic Games in Athens. Those who chose to donate by credit card were led to a replica of the Westpac website, where they would then enter their card details. A glitch in the program gave the plot away, and banks immediately issued warnings to customers reminding them never to give out personal information online.
  • ATO scams. At the tail-end of the 2011 fiscal year, Australian Taxation Office alerted taxpayers of a phishing scam posing as the ATO itself, asking individuals to pay $200 or provide their personal details to qualify for a $7,000 refund. The criminals are taking advantage of post-tax-season flurries to "catch people off guard," according to Tax Commissioner Michel D’Ascenzo.
  • Phone scams. Since the early 2000s Australian authorities have warned consumers against credit card phone scams, in which criminals pose as bank agents or government representatives to get a person’s card details. Their stories range from free holiday vacations to suspected fraud, and can cost an individual anywhere from a few hundred to several thousand dollars.

Conclusion

When you get a new credit card, it is important that you know how to keep it safe, and signing it as soon as is get it is only the starting point. While credit card fraud is not uncommon, there is no reason why you can’t keep credit card safe as long as you follow the simple measures mentioned above.

Back to top

Frequently asked questions

How can I find out what credit cards are under my name?

Credit card statements go out monthly to a cardholder’s designated address. You can also get a clear indication by going through your credit file.

I’ve noticed an unusual recurring charge on my credit card bill. What should I do?

You should get in touch with your credit card provider as soon as possible because the recurring charge could be a sign of fraud.

What is zero liability policy?

MasterCard and Visa have zero liability policies, owing to which they do not hold cardholders liable for fraudulent transactions made using their cards.

Back to top

Back to top

Read more on this topic

American Express Essential Credit Card
American Express Essential Credit Card

Interest rate

14.99

Annual fee

0
ME Bank frank Credit Card
ME Bank frank Credit Card

Interest rate

11.99

Annual fee

0
HSBC Platinum Credit Card
HSBC Platinum Credit Card

Interest rate

19.99

Annual fee

149

Ask a Question

You are about to post a question on finder.com.au

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At finder.com.au we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the finder.com.au privacy policy, receive follow up emails related to finder.com.au and to create a user account where further replies to your questions will be sent.

14 Responses to How to Avoid Credit Card Fraud, Traps and Scams: Guide to preventing the risk

  1. Default Gravatar
    alaa | September 3, 2015

    i contacted immigration service company & they charged me 1200 us, but i found that they are scammers. how master card company can help me returning the money.

    • Staff
      Sally | September 3, 2015

      Hi Alaa,

      Thanks for your inquiry.

      If you believe that you are a victim of a scam, you need to contact your credit card issuer immediately and explain your situation. It would also help if you can present your provider all the necessary documentation that will serve as a proof that you have been defrauded.

      You can also file a complaint to the Australian Competition and Consumer Commission by securing a consumer complaint form online, or via phone.

      Please refer to the links I have sent to your email for the complaint form and contact details of ACCC.

      I hope this has helped.

      Cheers,

      Sally

  2. Default Gravatar
    Antonia | June 9, 2015

    How to find out the credit cards under my name?

    • Staff
      Jonathan | June 9, 2015

      Hi Antonia, thanks for your inquiry!

      An individual’s credit cards will generate monthly statements sent to the user’s designated address. Credit inquiries can also be checked by requesting a copy of your credit file.

      Cheers,

      Jonathan

  3. Default Gravatar
    Erica | March 16, 2015

    We found someone has been stealing money from our debit card. It is like $40 per week in average and this had been continuing for more than 3 months. It belongs to my partner’s account. We stopped the fraud by reporting it to the bank, ANZ. But bad news is the bank said they can only cover the losses up to 120 days in time from the day we reported. We are trying to look back to see WHEN this started and how. What made me upset is, when I looked into the transaction description, the online companies that made the scams are so many and under different names. How can this happen for so long time without being notified by the bank? Do we have the right to claim for our losses prior to the 120-day time?
    Thank you very much for help.

    • Staff
      Jonathan | March 17, 2015

      Hi Erica, thanks for your inquiry.

      The claims for losses from a fraud situation would be up to the lender/bank’s policies and lending criteria.

      I hope this has helped.

      Cheers,

      Jonathan

  4. Default Gravatar
    Shela | February 26, 2015

    Wow loads of good tips!

  5. Default Gravatar
    Emma | May 11, 2014

    Is it legal for a restaurant to ask to hold my credit card until the end of the meal? I have offered my drivers’ license, but they want my card. I’ve said they can do a pre-authorisation, but refuse. They wont run a tab/bill without it, and some have min. purchase amounts to allow me to use a card. I’ve worked in the industry, Unless I have your card (in the safe), your card IS NOT SAFE! Is this legal under the new, amended CC laws in Australia?

  6. Default Gravatar
    Kate | April 13, 2014

    I recently stayed at a hotel and had to give my credit card details. The receptionist photocopied my card. Is this legal? Two weeks later someone spent $1200 on my card.

    • Staff
      Jacob | April 14, 2014

      Hi, Kate.

      If you believe you’ve been defrauded, contact your lending institution as soon as possible.

      Thanks for your question.

  7. Default Gravatar
    Jay | January 23, 2014

    Hi I have been scammed by a friends of 5 years .we used to use each others cards so there were never any doubts that it was not his card but I used to lend him money and he would pay me back some in cash and the rest he would say just go up the shops and get some smokes etc. I’m worried that I have unknowingly used a stolen card. What do I do I have contacted the police and said I’m willing to help with what ever they need..?

    • Staff
      Shirley | January 23, 2014

      Hi Jay,

      Thanks for your comment.

      Letting someone else use your credit card is against its terms of use; if you haven’t already please contact your bank and close the card.

      Otherwise, you’ll need to let the police do their job and help them out as much as possible.

      Cheers,
      Shirley

  8. Default Gravatar
    Hicham | June 20, 2013

    Dear Sir or Madam,

    I am currently undertaking a research on the behalf of international SOS about cardholder liability in the case of credit card theft or loss (fraud).

    My research has the goal of gathering the same information for 54 different countries as regulations are different from country to country.

    I would like to know if you could (if possible) help me with some information that I believe you possess and that is extremely hard to find elsewhere (relevant information is rare).
    These questions are very simple and will only take a few seconds to answer:

    - Is there fraud regulation issued by the government (for example forcing the banks to cover the cardholders)?

    -If Yes what is the Limit? (in monetary units)

    -Do the banks provide cover?

    -Do Visa or Mastercard provide Cover?

    -Do they cover when the PIN is used ?

    Thank you very much for your attention to my case.

    Best regards,

    Hicham

    • Staff
      Jacob | June 24, 2013

      Hi Hicham. Thanks for writing in to us.
      a) Lenders and banks are not forced to do this – there are various codes and regulations which are voluntary to sign up to. The reason lenders are signatories is because it shows consumers that they can be trusted.
      b) Banks themselves provide cover over consumers. ANZ Falcon is one such example.
      c) Visa and MasterCard also have their own Zero Liability Guarantees – they will protect consumers in nearly all circumstances where the cardholder has taken reasonable steps to keep their information and details private and secure but has nevertheless been defrauded.

      Jacob.

Credit Cards Comparison

Rates last updated December 10th, 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
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
NAB Low Rate Credit Card
The NAB Low Rate Card offers 0% p.a. on purchases and balance transfers for 15 months. This card also comes with a low annual fee.
0% p.a. for 15 months (reverts to 13.99% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $59 p.a. Go to site More info
HSBC Platinum Qantas Credit Card
Receive 60,000 bonus Qantas Points on eligible spend within 3 months. Enjoy access to premium benefits and complimentary insurance.
19.99% p.a. $199 p.a. Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards finder.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.

Ask a question
feedback