David Temple - March 2015
Previous articles in eSlate have focused on the important aspects of IT security and credit card fraud.
It remains a battle to stay ahead of the fraudsters who continue to develop creative ways to try and relieve us of our hard earned funds.
In our recent analysis of card fraud, it is pleasing to record a 41% decrease in fraud write-offs for the previous six months and a 28% decline in the average value per card written off over the same period.
Fraud Mitigation Strategies continue to be constantly reviewed by the Mutual Bank and our service partners (including Indue and Visa) so that fraud detection alerts are raised in the earliest possible time frame. Our Mutual Bank migrated to a fully compliant EMV Visa chip card portfolio in mid 2013 greatly reducing the risk of losses from card skimming. In addition the roll-out of Chip Compliant ATMs both in Australia and globally further reduces the risk of card losses.
It is also clear that our Members have contributed greatly to this improved experience through close attention to password security password formulation, the desirability for frequent password changes and care in the use of cards and ATMs.
It is likely that fraudsters will continue to find sophisticated and devious ways to attempt to steal our money. We need to be vigilant both as a Mutual Bank and as individuals to ensure that our security is not compromised. You should be wary of requests in any form to reveal personal information and remember that we will never request such information by e-mail.
We will report progress in future editions and hope that the results will continue to see a decline in credit card fraud.