With the holiday season and online shopping in full swing, card fraud is something we all need to watch out for. While most of us are careful, criminals are becoming more sophisticated, which makes awareness and simple protective steps more important than ever.
What is card fraud?
Card fraud occurs when someone uses your credit, debit or EFTPOS card details to make purchases or withdraw money without your permission. This can happen online, over the phone, or even in person if card details are compromised.
Key facts you should know
Recent data highlights just how common card fraud has become in Australia.
- Card fraud increased between 2022–23 and 2023–24, with 1 in 10 Australians experiencing card fraud
- The median amount stolen was $250, but 17% of victims lost more than $1,000
- Total losses reached $2.1 billion, with net losses after reimbursements sitting at $477 million
These figures are a timely reminder that fraud can affect anyone, not just those who consider themselves “at risk”.
How to protect yourself when shopping online
General tips
- Keep devices secure by regularly updating your operating system and antivirus software
- Avoid public Wi-Fi when entering card or banking details
- Only shop on trusted websites and be cautious of deals that seem too good to be true
- Enable two-factor authentication (2FA) wherever possible. Refer to our previous article on 2FA here to learn how it adds an extra layer of protection
Banking tips for online shopping
How you choose to pay online also matters.
- Avoid using a credit card for online purchases. If your card details are stolen, fraud could occur up to your full credit limit
- Avoid using debit cards linked to accounts with large balances, as potential losses could be significant
Our recommendation
Use a separate debit card linked to an account used only for online shopping. Keep the balance close to $0 and transfer money into it only when you are ready to make a purchase. This way, if your card details are stolen, the most you could lose is the small amount in that account.
Make a habit of checking your transactions regularly. If you notice anything suspicious or believe your card has been used fraudulently, contact Summerland Bank as soon as possible so we can help protect your account.
To learn more about scams and fraud, or to report a scam or fraud incident, please refer to ScamWatch and cyber.gov.au.
Staying informed, taking simple precautions, and acting early can make a big difference when it comes to protecting your money and your peace of mind.
