Be on scam watch

Fraud rates are soaring as increasingly sophisticated scammers pounce on your cash, warns Sophie Elsworth

MALICIOUS software and phishing attacks are some of the most popular scams catching out Australians online and robbing them of their hardearned funds.

Fraudsters are using advanced technology to capture customers’ sensitive card data and passwords – making up 85 per cent of all fraud on Australian cards.

Experts are urging anyone conversing online and making transactions to be extra vigilant as fraud rates soar.

The Australian Payment Fraud 2018 report found Aussies are using plastic to pay more than ever.

More than $748.1 billion was transacted on Australian cards in 2017 – a 5 per cent increase.

And total online card fraud increased to $476.3 million in 2017 – up 13.9 per cent.

This has given fraudsters more chance to pounce as electronic payments increase. Australian Payments Network’s chief executive officer, Dr Leila Fourie, urged Australians to update their security software and ensure they protect themselves.

“Do full scans on a very regular basis,” she said.

“Often card details are stolen from customers either online or in a face-to-face environment and those card details are used online. Because more and more people are shopping online, card fraud is aligning with that shopping trend.”

The report showed the average value of a fraudulent transaction fell from $188 in 2016 to $157 now.

The most popular types of card fraud are card-notpresent fraud – where card details are used without the physical card being present (85 per cent), followed by lost and stolen cards (7 per cent) and counterfeit/skimming (6 per cent.)

The Australian Competition and Consumer Commission’s deputy chair, Delia Rickard, said there are a couple of ways to protect yourself.

“If anyone contacts you out of the blue asking for personal information like your credit card details, don’t hand it over, no matter who they claim to be,” she said.

“If you do think you have given over sensitive information or you’ve been a victim of credit card fraud, contact your bank as soon as possible to report it.”

Westpac’s head of digital security, Josh Nast, warned to be careful if moving money online. “If you do have a BSB number and account number and think ‘that’s not right’, please send it through to your financial institution or the financial institution that owns the BSB and account number,” he said.

Mr Nast said a suspicious account should be reported to help protect other Australians from potential fraudsters. Report a scam at scamwatch.gov.au