An estimated 1.2 million Australians aged 15 years and over have been a victim of personal fraud in 2010/2011, ­causing an overall financial loss of $1.4 billion. Credit card fraud is the most common form of personal fraud, affecting 3.7% of the population.

While some credit card fraud schemes are very complex, caution and close attention to how you use your credit card can help to reduce the risk of fraud. 

Following the tips below can help to ensure that your card details remain safe and don’t fall into the wrong hands.

1. Never let your card out of your sight during any transaction. That means if you’re at a shop, watch the sales assistant, and if you’re at a restaurant, go to the counter and pay the bill – this is particularly important if you are overseas where you could be identified as a tourist and a ‘soft target’.
2. If you’re buying goods online, make sure the site is reputable and well-established. Be wary of unfamiliar sites that are identified through searches – giving them your credit card details is the same as sharing your card number with a stranger on the street.
3. Make sure you have anti-­virus software installed on your computer as viruses can be used to obtain personal information.
4. Put a padlock on your home letterbox so that your credit card statement, which contains your card number and full name, or any other sensitive personal mail, cannot be stolen.
5. Never, ever, write your PIN down anywhere or share it with anyone.
6. Use internet banking to regularly check that only your transactions are going through your credit card.

For more information on scams that are currently circulating, please see the Fraud and Security page on our website.

1. Security: treat it like you would your computer, ensure you have antivirus installed on your device. It contains a LOT of personal information, and you probably use it for online purchases or online banking you need to ensure you keep it safe.
2. Pins & Passwords: ensure you have a pin or password set on your device AND your SIM. This will ensure if your phone is lost that thieves cannot make phone calls from it.
3. WIFI & Bluetooth: ensure you are connecting to safe networks, try and use a network that is encrypted and requires a password to access it. And ensure you turn off Bluetooth when you are not using it. You would be surprise how clever thieves can be accessing your information via WIFI and Bluetooth networks.
4. Recycling your old phone: ensure that ALL information is completely removed from your phone before recycling it. Remember your phone contains a lot of personal information about you.
5. Foreign links or emails:  ensure you do not click on any unknown links or emails, it is likely they contain malicious software.
6. More than a phone: todays smartphones are almost like your wallet always keep it with you. They are also a form of computer and you should take all of the same precautions you would with your computer.
7. Stay within reputable websites: be cautious with your web surfing ensure you stay within reputable websites.

You can find out more smartphone and tablet security tips at scamwatch.gov.au

When it comes to testing whether or not something is a scam the old adage “if it’s too good to be true, it probably is” certainly applies. However, whether something is a scam is not always that obvious.

Therefore in order to protect yourself from scams, remember the following 10 ‘golden rules’:

1. If it looks too good to be true – it probably is;
2. Use your common sense: the offer may be a scam;
3. ALWAYS get independent advice if an offer involves significant money, time or commitment;
4. Remember there are no get-rich-quick schemes: the only people who make money are the scammers;
5. Do not agree to offers or deals straight away: tell the person that you are not interested or that you want to get some independent advice before making a decision;
6. You can contact your local office of fair trading, ASIC or the ACCC for assistance;
7. NEVER send money or give your debit card, credit card or online account details to anyone you do not know and trust;
8. Check your account and credit card Statements when you get them. If you see a transaction you cannot explain, report it to us immediately on 13 _5 85;

1. Do not agree to offers or deals straight away: tell the person that you are not interested or that you want to get some independent advice before making a decision;
2. You can contact your local office of fair trading, ASIC or the ACCC for assistance;
3. NEVER send money or give your debit card, credit card or online account details to anyone you do not know and trust;
4. Check your account and credit card Statements when you get them. If you see a transaction you cannot explain, report it to to your financial provider.

Further information on scams and how to protect yourself, including a free email alert service, is available on the Government’s website SCAMWatch

Sources:

ASIC’s MoneySmart

ACCC’s SCAMWatch

8 simple tips for better online security

1. 1. Install and renew your security software and set it to scan regularly;
2. 2. Turn on automatic updates on all your software, including your operating system and other applications;
3. 3. Think carefully before you click on links and attachments, particularly in emails and on social networking sites;
4. 4. Regularly adjust your privacy setting on social networking sites;
5. Report of talk to someone about anything online that makes you uncomfortable or threatened;
6. Stop and think before you post any photos or financial or personal information about yourself, your friends or family;
7. Use strong passwords and change them at least twice a year;
8. Talk within your family about good online safety.

Remember your personal details should remain private, never give them out online or over the phone in cold calls.

For more information, visit Stay Smart Online.

So the next few blog postings will revolve around one of my favourite topics- travel!!

So I thought I would start on a few travel basics, first of all you will need to be able to access your money while you are travelling.

There are a few ways you can access money when you are travelling overseas which may depends on what country you are visiting, so some research may be involved (personally I have always found Lonely Planet a good starting point!). Each of the following ways of accessing your money has their pros and cons:

- Travellers Cheques: Can be organised at your local financial institution (like ours!). Travellers cheques are safe, as long as you record the serial codes on the cheques and keep them separate from the cheques (in case they are lost or stolen). In most countries it’s easy to find somewhere to cash them.
- Cash Passport: acts similar to an ATM card, its PIN protected and you can use them anywhere. For added security you also receive 2 cards, which you keep separately incase one is lost or stolen then you will still be able to access your funds via your second card.
- Credit Card: can be used worldwide, you must use your credit card wisely though and protect your details from unscrupulous persons. You will be charged a withdrawal fee and also a higher interest rate for cash withdrawals. Having a credit card while travelling is handy for booking accommodation or flights through reputable agencies. But you will need to ensure you notify your financial institution you are travelling overseas. If you do lose your credit card and need it replaced while still overseas this can be costly.
- Debit Card: can be used like a credit card but instead you are accessing your own money, make sure you tell your financial institution you are travelling overseas. You will be charged an ATM fee in most countries. If you do lose your debit card and need it replaced while still overseas this can be costly.
- Foreign Currency: Foreign currency can be ordered through most financial institutions (like ours!). It’s handy to have a small amount of foreign currency for when you arrive at your destination so you can purchase drinks, hire a taxi etc.

I highly recommend selecting a couple of these options for when you go travelling, and try not to keep them all in the one spot. Just recently I met a girl overseas who had her purse pick pocketed out of her handbag. This meant she had no way of accessing any of her funds, luckily her friends all gave her money so she could get home ok.

Keep security in mind when you are travelling, its wise to keep your funds in different locations i.e. cash in your purse, credit card and debit card in the hotel safe etc.

Please keep in mind this is my personal opinion and not that of Companion Credit Union, you will need to research your destination and decide what suits your financial situation best.