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Credit and debit card safety in the lead up to Christmas and during the holiday period
Sydney, 26 November, 2008: The Australian Bankers’ Association (ABA) said credit and debit card safety is important when Christmas shopping and during the holiday period.
David Bell, Chief Executive of the ABA said: “Banks will be playing their part to protect cardholders, but the ABA is also reminding customers to take some simple precautions as well. By working together, we can make it harder for the criminals to commit fraud.”
“Take some simple precautions such as never revealing your PIN or Internet banking password or logon to anyone – a bank will never ask you for this information. Make sure that you shop online only with trusted companies on secure websites, and lock your letterbox. We hope some of these simple steps will tighten up personal security and leave customers less vulnerable to criminals.”
Banks use sophisticated software programs that can detect fraudulent transactions, even before a customer may notice anything odd on their account. This software can identify unusual spending patterns and alert bank employees, who then take action to protect the customers’ accounts.
While banks are doing what they can to protect their customers, there are some simple and important steps that you
can take to protect your personal information and your credit and debit cards:
- 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.
- 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.
- 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.
- 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.
- DO dispose of credit and debit card receipts securely
Sometimes receipts disclose your account numbers, particularly EFTPOS receipts. Dispose of receipts securely, such as shredding, so they cannot be retrieved by anyone.
- 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.
- 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.
- 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 part of the normal ATM operation do not remove it. Keep a reasonable distance and telephone your local police. If you are suspicious for any reason, contact your bank or the police and await further instruction. Do not put yourself at risk.
- 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. For example, don’t hand over your card to a waiter in a restaurant – if you do, and it leaves your sight, what is there to prevent “skimming”, or that person simply writing down your card details and placing phone orders with it later?
- DON’T reply to hoax emails
“Phishing” occurs when criminals send hoax e-mail messages that look like they are from your bank, another financial institution or business, that ask you to visit a fraudulent website that looks like the bank’s or other financial institution or business, in order to confirm account information including usernames and passwords. The hoax emails will always try and convince you to click on a link or open an attachment. Banks will never send such a request via email.
- DON’T assume that using your debit or credit card to make purchases over the phone or Internet is totally secure
Always take precautions when providing your card information over the phone or Internet to pay bills or make purchases. Always use your common sense and deal only with trusted companies. If you are uncomfortable with the transaction, don’t do it. Be particularly wary of smaller organisations which may not have the same level of technical security as larger organisations to properly protect the information you provide to them. Make sure that you have installed anti-virus and firewall software to secure your computer and that you keep it up-to-date before making purchases online.
If you would like to read more information, there is a website called Protect Your Financial Identity (www.protectfinancialid.org.au) which has been developed by banks, police and a regulator.
The ABA, the Australian High Tech Crime Centre (AHTCC) and the Australian Securities and Investments Commission (ASIC) produce the website which assists people protect their financial identity and minimise the damage if a problem occurs.
For further information:
Heather Wellard
ABA PR
Phone: 02 8298 0411
Mobile: 0409 830 439
ENDS
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