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No Turkish Delight
The Age
Wednesday June 4, 2003
When a friend checked the balance of her Visa debit card recently, she was shocked to find several hundred dollars missing. She did a quick mental check of her recent transactions and, convinced she hadn't accidentally overspent, she rang her bank.
The consultant in the call centre read back her recent transactions ... including
a withdrawal of just under $100 from a store in Istanbul in Turkey.
She queried the transaction. No, she hadn't been overseas in the past 12 months. And no, she hadn't completed any transactions via the internet.
Looking back through the account, there were almost a dozen similar transactions within the previous six weeks, totalling more than $700.
"I always have a general idea how much money should be in my account, but I didn't miss $60 here and there," the woman says. "It wasn't until it had accumulated that I noticed the money was missing. And I can't say I'd checked my bank statements thoroughly."
Having alerted the bank to the fraudulent transactions, her money was reimbursed by the bank with minimal fuss within two weeks.
According to the bank, a number of other customers living in the area had experienced similar deductions from their accounts and a local service station was suspected of gathering customers' credit card details and forwarding them on to someone in Istanbul.
In the 2001-2 financial year, 8500 credit card offences were recorded in Australia and these days, it's not just lost or stolen credit cards that you have to worry about.
Just one way that your credit card details can be stolen without your knowledge is through the use of 'skimming machines' that can be used to copy credit card numbers onto counterfeit cards.
It takes just one swipe to copy the card details and the customer can be unaware their credit card details have been stolen until money begins disappearing from their account.
So-called skimming machines are legal, but incidences of them being used, mainly in petrol stations and restaurants, to steal credit card details have escalated in both Victoria and NSW.
Infochoice, an independent financial and investment information service, suggests cardholders adopt a range of simple and sensible habits to protect themselves from credit card fraud:
• Never let your card out of your sight
Whether paying a restaurant bill or paying for petrol over the counter, ensure you can see what is being done to your credit card at all times.
• Second swipes
Never allow someone to re-swipe your card unless they provide you with a 'transaction cancelled' receipt for the first swipe.
• Keep your receipts
Hanging onto your ATM and EFTPOS receipts prevents anyone else from getting hold of your details and provides you with a record of transactions with which you can check your statement.
• Check your statement carefully
Take the time to check your statement and immediately query any suspect transactions with your bank or financial institution.
For more advice, visit the website www.infochoice.com.au
Top four-year fixed home loans** Banks Lender True rate AAPR* Lender rate Total upfront fees Ongoing fees ING Bank 6.31% 6.19% Nil Nil Macquarie Bank 6.35% 6.25% $650 Nil HSBC 6.39% 6.29% $605 Nil ANZ Bank 6.44% 6.30% $500 Nil HomeSide Lending 6.47% 6.30% $500 $6/month Non-banks Lender True rate AAPR* Lender rate Total upfront fees Ongoing fees Pacific Mortgage Corp 6.20% 6.15% $300 Nil FCCS Credit Union 6.29% 6.30% $1105 $5/month FAI Home Loans 6.31% 6.16% $884 Nil Aussie Home Loans 6.34% 6.18% $820 Nil Collins Securities 6.44% 6.40% $600 Nil *AAPR is the annualised percentage - the rate after extra fees and charges are taken into account. ** Rates are for loans $176,000-$275,000 in Victoria for owner-occupied homes. Compiled by www.interestrate.com.au using Cannex data (May 28).
© 2003 The Age
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