Common card fraud and tips to protect yourself
Bank First takes the privacy and security of your personal details seriously. Our card services team monitors alerts for unusual activity and dispute transactions on behalf of Members and the Bank where appropriate. Here are some of the most common cases of fraud, scams and Visa disputes and what you can do to help you protect yourself.
Ecommerce fraud is the most common type of fraud our Members face. Your details can become compromised by websites you've used that store your card information in their databases. Fortunately, funds are recoverable most of the time and Members are not liable. You can protect yourself from ecommerce fraud by ensuring your antivirus software is up-to-date, only deal with reputable merchants and transact online through secure payment methods such as Visa Checkout.
Card-present fraud, caused by theft, is also prevalent. Protect yourself by checking your accounts regularly and closing your cards if they have been misplaced. See here how our Mobile App makes this easy with new functionality that allows you to lock and unlock your Bank First Visa cards, even after hours.
Visa disputes frequently present in the form of health and beauty disputes. These are advertised as a free trial of a product where the Member only pays for postage. The merchant then signs the Member onto a subscription, subsequently charging them amounts upwards of $100 every fortnight. Be wary of what you sign up to online and always read the fine print.
Scams that are the most damaging to Members are social engineering scams. These come in the form of cold calls in which the caller impersonates a well-known organisation. ATO scams are such an example. A Member will receive a call advising money is owed and demanding payment - often with the threat of imprisonment. The scammer will then get the Member to make the payment in such a way that funds are unrecoverable - such as iTunes vouchers or money transfer. This can be incredibly damaging for Members who pay exorbitant sums in response to pressure and aggression from the caller. In this situation, you can check the caller is genuine by hanging up and calling the ATO by looking up the number from the website.
This is not an exhaustive list of the fraud and disputes Bank First Members fall victim to. The ACCC website, www.scamwatch.gov.au is an excellent resource to refer to. If ever in doubt about the security of your card and details, don't make the payment and call us to check. The cards team are always happy to help.