Fraudulent use of credit cards has been around for almost as long as credit cards themselves.
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.
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.
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.
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.
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.
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.