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top ten tips
…preventing card fraud The Australian Bankers’ Association provides these handy hints to detecting and preventing credit and debit card fraud. Useful tips for yourself or to pass on to your clients
Tip 1: DO guard your PIN and internet banking passwords Don’t tell anyone your PIN or confidential internet banking passwords or logon. Don’t keep a record of the PIN or internet banking passwords anywhere near your credit or debit card. Be aware that there is no reason to provide your PIN or passwords to anyone under any circumstances, including a telephone call purportedly from your bank. Only use the PIN for electronic transactions, don’t use it for other purposes, for example your video store password, which you repeat aloud to the salesperson. Tip 2: DO always check your statements Always check your card statements promptly and reconcile them to your purchase slips. It is important that you immediately advise your bank or card issuer of any unauthorised activity. Tip 3: DO provide your bank with telephone contacts and travel plans It’s important for a bank to have up-to-date phone numbers on their systems in case they need to contact you to discuss fraudulent activity on your account. Inform the bank of changes to your mobile, work or home phone number. Provide the bank with details of your trip plans before you go overseas as well as a contact phone number where bank staff can reach you overseas. Tip 4: DO keep a record of your credit and debit card information in a safe place If your card is lost or stolen, the faster you are able to provide your bank with details of the card the better. Banks provide emergency phone numbers to call to report the loss – keep these numbers handy. Tip 5: DO make sure your card is returned by the salesperson Make it a priority to get your card back after completing a purchase. Sometimes cards are intentionally retained by salespeople in order to later commit fraud.
Tip 6: DO dispose of credit and debit card receipts securely Sometimes receipts disclose your account numbers, particularly EFTPOS receipts. Dispose of receipts securely, such as by shredding, so they cannot be retrieved by anyone. Tip 7: DO secure your card Make sure you know where your card is located at all times. Make sure it is secure to minimise the risk of theft. If you are expecting a card to be delivered in the mail, ensure your letterbox can be locked and that you check your letterbox regularly for the card’s arrival. If your card does not arrive within a reasonable time of you ordering the card or being advised by your bank that a card is being sent to you, advise your bank. Tip 8: DO review your card limit You may wish to lower your credit card limit which would prevent a criminal spending more than the determined amount if the card was ever lost or stolen. You need to balance this decision with ensuring your card limit is appropriate to your spending needs. Tip 9: DO be alert for suspicious activity around ATMs or EFTPOS When entering your PIN at the ATM or EFTPOS machine, look around to see that no-one is watching. ‘Shoulder surfing’ usually happens at ATMs or public phones. Criminals may watch you from a nearby location, or behind you in a queue, as you key in your PIN. They may also listen in on your conversation if you give your credit card number over the phone, for example, when making a hotel reservation or booking a rental car. Be aware if there is a group of individuals around the ATM acting suspiciously. If you see a device that doesn’t look like part of the normal ATM operation do not remove it. Keep a reasonable distance and telephone police. If you are suspicious for any reason, contact your bank or the police and await further instruction. Do not put yourself at risk. Tip 10: DON’T ever let your card out of your sight Card skimming occurs when a fraudster skims your card through a device that records the information stored on that card. The fraudster then downloads that information onto a fake card, and will start using it as a counterfeit card. The safest way to avoid card fraud is to never let your card leave your sight.
If you would like to read more information about protecting your financial identity, go to www.protectfinancialid.org.au.