Credit Card Fraud

Credit Card Fraud – What If It Happens to You?

Credit card fraud can happen to anyone. Usually taking the form of card skimming, a thief will use a counterfeit scanner which will collect all of a card’s details. Many people have lost hundreds, if not thousands of dollars through this type of fraud. If it does happen to you though, what’s your legal recourse? Knowing what you can do if this occurs can save you time, money and stress.

What you can do if you’re a victim of credit card fraud

If you find you’ve been a victim of credit card fraud, notify your card provider and the police immediately and give them as accurate information as you possibly can. If you used an ATM and you remember the location of the ATM you used before the theft then there might be cameras nearby that they can review. Apart from this, there’s not much. Until they catch the perpetrator, charges cannot be laid. Your best bet is to just pass on the information to the authorities and then hope for the best.

Who is responsible?

Customers are only found to be held liable if they were said to have acted with extreme carelessness. The Electronic Funds Transfer Code in Australia protects consumers from credit card fraud. Australian banks have committed to the Code. Therefore, if you are a victim of credit card fraud, financial liability will not fall on you.

How to minimise damage caused

There are a few ways to prevent credit card theft or minimise the damage if it does occur.

First, check your bank account regularly. Doing this will mean you notice any irregular transactions as soon as possible. If you do find something out of the ordinary, call your card provider immediately and have them freeze the account. You can also file a police report.

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