advertising

How to keep your credit cards safe online

Emma Connors

Credit card fraud online or by phone, where the card is not physically present, is growing fast as internet shopping takes off.

This is the dark side of online shopping. The amount of fraud that takes place in what credit card companies refer to as a “card not present” environment is increasing. This is a case of hooray for the internet as far as criminals are concerned because they don’t have to be present to commit the crime.

Fraud where the card is not present now accounts for 71 per cent of all fraud on Australian-issued credit, debit and charge cards. More than half takes place overseas, with the strong dollar driving more shoppers to use their credit cards on international sites.

Black market

There is a ready market for stolen credit card details.

The Australian Crime Commission reports prices vary according to country, with Australia often the third or fourth least expensive country after the United States, United Kingdom and sometimes Canada. The average underground price for a credit card ranges from $7 to $35, depending on the amount of credit available.

Credit card customers can take some comfort from the fact they will be reimbursed for losses due to fraud but prevention is better than cure.

You may also wish to read: How to keep your super safe from fraud

Follow us on Facebook and Twitter

You can follow Smart Investor on Twitter: https://twitter.com/#!/smartinvestr (or @smartinvestr) and on Facebook at facebook.com/afrsmartinvestor

Comments

Market Summary

Price % Chg
LYC LYNAS $ 0.167 + 7.74%
MSB MESOBLAST $ 5.850 + 5.41%
BCI BCIRON $ 2.325 - 5.10%
BKN BRADKEN $ 4.780 + 5.05%
ARI ARRIUM $ 0.757 - 4.18%
BDR BEADELL $ 0.470 - 4.08%
TEN TEN NET $ 0.260 + 4.00%
NST NTH STAR $ 1.637 - 3.99%
SWM SEVENWEST $ 1.767 - 3.71%
MRM MERMAID MR $ 2.225 - 3.68%

Commodities

Price Change % Chg
BRENT SPOT (USD/BBL) 99.900 0.000 0.00%
LIGHT CRUDE OCT4 (USD/BBL) 93.190 + 0.310 + 0.33%
NAT GAS OCT14 (USD/MMBTU) 3.901 + 0.011 + 0.28%
Bid Ask Bid Chg Bid % Chg
GOLD (USD/OZ) 1266.20 1266.40 + 0.80 + 0.06%
SILVER (USD/OZ) 19.13 19.18 + 0.03 + 0.16%
PLATINUM (USD/OZ) 1406.74 1414.25 + 4.94 + 0.35%
PALLADIUM (USD/OZ) 879.39 885.57 + 1.29 + 0.15%

Markets Data »

Currencies

AUD USD EUR JPY GBP
AUD AUD 0.9275 0.7066 97.59 0.5635
USD 1.0776 USD 0.7618 105.23 0.6076
EUR 1.4145 1.3124 EUR 138.10 0.7975
JPY 0.0102 0.0095 0.0072 JPY 0.0058
GBP 1.7735 1.6456 1.2537 173.13 GBP

Markets Data »

Stock price lookup

My Watchlists

You need to be logged in to see your watchlists.

My Portfolios

You need to be logged in to see your portfolios.