Credit card fraudsters arrested

Consumers are increasingly making use of loyalty scheme points accrued on store cards to get to grips with various financial commitments, it has been revealed.Indeed, one area people appear to be concentrating on tackling is credit card debt as shopping r

Two people have been arrested in Sydney in connection with a multimillion dollar identity fraud operation, it has been revealed.

Over the weekend, a 33-year-old man and a 27-year-old woman were arrested. Police believe they have been heading up an identity fraud syndicate which have seen bank account details stolen from the letterboxes of thousands of Sydneysiders.

These were then used to produce bogus identification documents such as driver's licenses which in turn were then used to access consumers' bank accounts.

Both have been refused bail and are set to appear in court today (July 27th).

In an effort to protect themselves from the threat of identity theft consumers are advised to shred credit card and bank account statements before throwing them away, while mailboxes should be kept secure in order to prevent letters from being stolen.

Last week, the Australian Communications and Media Authority unveiled details of a SMS scam in operation where people have received threatening text messages which request they unveil credit card and bank account details.

Written by Nate Sawyer