Aussies 'falling victim to credit card fraud'

Despite the government's recent financial stimulus packages intended to help boost the retail sector, many people are still conserving their spending, an article in the Australian suggests.Indeed, the publication claims that many people used the cash hand

A significant number of Australians have been a target of debit and credit card crime, new research shows.

In a global study carried out by ACI Worldwide, some 15 per cent of people claim to have been the victim of card fraud over the past five years.

Such a figure is almost double that experienced by those from Germany (eight per cent), although it is significantly below the 27 per cent of Americans who have been effected by such crime.

And while around one out of ten Australians has faced such fraud once, 0.64 per cent state they have a victim on more than three occasions.

David Nussenbaum, vice-president and product line manager for ACI Worldwide, points out that although instances of credit card fraud differ throughout world "it is still a persistent problem for banks".

Speaking in Sydney earlier this month, policy manager for the Australian Retailers Association Michael Lonie claimed that the issue of credit card fraud is hampering growth for the country's online retail industry.

Written by Emma North