Australian Credit Card Fraud Staggering
Credit card fraud in Australia has taken on a staggering one in five statistic. A new report released by Veda Advantage found that over 1.5 million Aussie credit cards have been affected by skimming and some 1.2 million bank accounts were accessed illegally.
Mail is being stolen from letterboxes and PINs unlawfully used by thieves to access your money. Identity fraud is another common occurrence with 23 per cent more cases this year than last. Experts believe one reason the numbers are so high is because Australia is slow in developing anti-fraud technologies.
Credit card fraud statistics:
- 1.5 million people are affected by skimming.
- 1.2 million people have their bank accounts unlawfully accessed.
- As times are worrying for many financially, more people step low in order to meet ends.
It seems that thanks to the economic slowdown more and more unemployed people are desperate enough to do something illegal because they need to pay their bills and feed their kids.
Kelvin Kirk of Veda Advantage said: “Desperate times create desperate people. Higher unemployment creates more crime, we know that.”
“But people are simply not aware how common (identity fraud) is.
“Even everyday mail of bank statements or utility bills can be enough for criminals to gain access to your accounts or apply for credit in your name.”
Mr Kirk also talked about situations where people apply for personal loans in someone else’s name and then run off with the cash never to be seen again.
Many victims weren’t even aware of the fact until they had a loan or mortgage refused.
“Then they try to prove they didn’t apply for the fraudulent loan which turns into a nightmare” Mr Kirk said.
Credit card fraud is the biggest financial issue for theft and Veda is urging its customers to combat fraud with preventative measures. One of them is to register your credit card with their security service.
GE Money’s managing director Skander Malcolm said. “We have had a massive surge in credit card fraud right from the start of the year.”
“The problem is that really effective systems such as chip and pin have been deployed in Asia and the UK but only partially rolled out in Australia.
“Fraud will migrate to the point of least resistance and if you’re the last country to adopt the latest technology the fraudsters will target you because you are the easiest pickings.”
These latest news are certainly a knock on the chin of our banks as they repeatedly claim that their systems are secure.
Source: News.com.au
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