We live in the age of advanced credit card security and associated technologies such as SSLs (security socket layers) and online banking software, which ensure the safety of online transactions.

Unfortunately, the internet and mobile networks still contain ‘weak spots’ and ‘grey areas’ that give scammers the opportunity to defraud unsuspecting credit card users, as well as keep coming up with more sophisticated ways to get their dirty hands on your money. We’ll give you a brief overview of credit card security and online banking fraud, in order for you to better protect yourself when you shop.

Internet banking fraud

Modern-day internet banking fraud can be loosely divided into the following types:

  • Credit card fraud. This usually occurs when your credit card is lost or stolen, or reproduced by a third party for the purpose of using your credit balance to purchase goods and services. The latter practice is commonly known as ‘skimming’ and mainly targets ATMs.
  • Electronic fraud. Hoax emails are a common form of electronic fraud. They are usually fairly easy to distinguish, however the scammers have been getting better at making them look like genuine bank emails with every year. This practice is popularly known as ‘phishing’.
  • Identity theft. The scammers might obtain your personal details, such as your name, date of birth and postal address, in order to assume your identity and make expenses on your behalf. This can leave you in a large debt, often with legal implications, and subsequently a negative record in your credit file.

The security of internet banking

Banks and financial institutions have always put a strong focus on their clients’ money being in safe hands. With the advent of modern-day internet banking, online security is more crucial than ever for financial institutions in retaining customers. We talk about how you can bank safely online.

Smartphone payments

The two giants of the modern mobile phone market, Apple and Samsung have devised Apple Pay and Samsung Pay as simple, secure ways to pay with your smartphone. We take a closer look at the two phone payment systems.

Contactless payments

Widely offered by financial entities, ‘PayPass’ and ‘PayWave’ are commonly-used terms these days. We look at contactless payment systems and their security features.

How to avoid fraud

Internet fraud has been rife practically since the advent of the World Wide Web. While measures have been put in place to stem the phishing, Australian cardholders still run a risk of being skimmed. We have put together a handy guide on avoiding fraud.

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