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Credit card fraud on the rise: consumers beware

Online credit card fraud is on the rise, increasing by 50 percent in the last year, according to the Reserve Bank.

The figures come after the Australasian Consumer Fraud Taskforce reported a 60 percent increase in fraud earlier this month warning consumers to take extra precautions to ensure their safety.

According to Phillip Lowe of the Reserve Bank of Australia, the majority of credit card fraud takes place when the merchant does not physically sight the card.

“Almost half the fraud on credit cards occurs in situations where the merchant does not physically see the card. If this trend were to continue, it could undermine consumer confidence in transacting online, which would have obvious costs.”

Mr Lowe said more needs to be done to combat online fraud.

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