Which4U – Finance Blog

Credit Card users have been armed with a new anti-fraud technology to help them avoid falling victim to credit card fraud.

Around 30,000 credit cards were cancelled last month alone by banks in Australia, after suspect transactions were flagged as potential foul play. Sony PlayStation’s network was also recently compromised, causing bank details to be leaked.

According to data from the Australian Payments Clearing Association, the previous financial year saw over 660,000 reported cases of credit card and charge card fraud, costing $155 million.

Sam Gooch of Which4U suggested that consumers remain vigilant when using their credit cards in order to minimise their chances of becoming victims of fraud. These include being discreet when entering your PIN and making sure you never lose sight of your card. (more…)

A recent credit card fraud case in Australia has once again reminded the country about the importance of preventing the offence in the first place.

The fraud has forced several banks including Commonwealth Bank and Westpac to cancel thousands of their cards. This caused inconvenience among the affected cardholders, particularly those who swipe their cards on a daily basis. The offence was believed to be perpetrated at a merchant whose acquiring bank is yet to be revealed.

Over the years, Australian banks have enjoyed low card fraud rates compared to the rest of the world. However, judging from the efforts the country had made compared to other countries such as the US and the UK, it is only natural to assume that such an achievement is more of a matter of luck than an actual fraud prevention outcome. (more…)

A SUN TZU PERSPECTIVE

An electronic payment system is a system in a nation which enables payments (transfer of funds) to be made. It generally consists of interrelated systems such as debit card system, credit card system, cheque clearing system, Real-Time Gross Settlement System (RTGS) to name a few.

As part of risks in a country’s payments system, payment card fraud (e.g. debit card and credit card fraud) needs to be minimized to ensure the safety and efficiency of the system as required by the Committee on Payment and Settlement System’s (CPPS) Core Principles for Systematically Important Payment Systems. (more…)