Published by Australian Securities and Investments Commission in March 2019
A reminder to all our registered agents to be aware of the potential for credit card fraud, both for themselves and their customers. Recently, we’ve received a number of reports of stolen credit card details being used to register companies or make payments for companies on behalf of people.
By 2020, it’s estimated that online purchases will account for more than 14% of all Australia retail sales, so it’s more important than ever to practise good cyber security.
As we cannot compensate for credit card fraud, we suggest the following security measures:
- Be wary of clicking links or opening attachments in emails from people you don’t know.
- Be especially careful of emails supposedly from organisations that ask you to log in or verify your details through a website.
- Look for the padlock in the address bar to make sure that your connection is secure and the site has a valid security certificate.
‘Red flags’ can include:
- Bulk registration of companies registered outside business hours
- Companies using suspicious addresses, or the address of established entities
- Payments that use multiple credit cards
- Any card information transmitted across the internet is encrypted in accordance with data security standards
- Ensure that any information you store is only accessible to authorised people
- Use additional security features like 2 factor authentication
- Consider comprehensive insurance, which can cover events like credit card fraud
For more information about what you can do, visit Stay Smart Online.