3.5 million Aussies save their credit card details online
- Aussies trust Apple, Google with their credit card details over local retailers
- Generation Y are the savviest with online safety, with 29.5% not storing financial details online
- How to stay safe while transacting online
23 January, 2017, Sydney, Australia – Almost three quarters of online shoppers trust popular websites with their card details, according to new research by finder.com.au, Australia’s most visited comparison website1.
The finder.com.au study of 2,026 Australians reveals 73.3% of those who shop online – equivalent to approximately 3.5 million Australians – automatically save their credit and debit card details when they make a purchase.
Looking at those who do store their details online, 23.5% entrust Apple ID and Google Play, ahead of local retailers (15.6%), the browser saving function (11.8%) and gaming consoles (9.6%).
Bessie Hassan, Money Expert at finder.com.au, says many online accounts and services now suggest you store your credit card details for ease of payment.
“We’re becoming more and more trusting of the internet and it’s security measures, and whilst websites work hard to ensure customers’ accounts remain safe, nothing is fool-proof,” she says.
In fact, a finder.com.au analysis found online credit card fraud rate has almost tripled to reach $363 million in only five years.
“The online world presents a big opportunity for cyber criminals. It’s much easier to hack into someone’s computer than steal a physical credit card.”
Surprisingly, Generation Y proved to be the least trusting, with 29.5% not saving their details online for later use. On the other hand, Generation X is the most trusting, with only 23.8% not saving banking details with websites.
“We need to be as careful with our credit cards online, as we are with them offline. You wouldn’t tell a stranger your pin number in real life, so why would you online?”, says Ms Hassan.
“It’s also more tempting to follow through with a purchase when your details are auto-saved or for your kids to accidentally rack up an in-game bill.
“However, given that you use your credit card responsibly online, it can be a quick and convenient way to make purchases from the comfort of your home. Also consider that banks heavily invest in fraud protection and have sophisticated systems in place to detect unusual activity.
Top six tips to stay safe while transacting online
- Keep an eye on your accounts: It’s important to check your bank statements and red flag any suspicious behaviour or discrepancies to your bank as soon as possible. Make sure to note down the transaction details such as the name of the company, amount and date.
- Only deal with established and reputable websites: If the website starts with ‘https’ or the address bar shows a padlock, that means the site is using protective encryption technology that will help keep your details safe. Another way you can check is the website is legit is by asking around or doing a little bit of online research.
- Do not use ‘remember my details/password’ options: Although it may be tempting to not have to rely on your memory for password recollection, it can be dangerous saving your details online. There has been a rise in recent years of high profile hackings where bank details have been compromised. So to ensure your details stay safe it’s best to avoid these easy to fall into traps.
- Sign up for your bank’s online shopping protection: Both MasterCard and Visa offer services that require you to enter a code that has been sent to you via SMS. This adds another layer of security by authorising your transaction before your money leaves your account.
- Install antivirus software: Stay protected with anti-spyware and antivirus software, especially if you often transact over the Internet. This will protect your accounts from online hacking.
1 Experian Hitwise since 2015
For further information
The information in this release is accurate as of the date published, but rates, fees and other product features may have changed. Please see updated product information on finder.com.au's review pages for the current correct values.
More than 3 million Australians turn to finder.com.au every month to save money, time and make important life choices. We compare virtually everything from credit cards, phone plans, health insurance, travel deals and much more.
Our free service is 100% independently-owned by two Australians: Fred Schebesta and Frank Restuccia. Since launching in 2006, we’ve helped our users make more than 17 million decisions.
We continue to expand and launch around the globe, and now operate in the United States and United Kingdom. For further information visit www.finder.com.au.