Credit card holders warned after $50m fraud

Credit card holders have been told to be extra vigilant after an organised fraud earned criminals $50 million.

Regularly changing pin numbers can help users of Aussie credit products to avoid falling victim to fraud, New South Wales Police have said.

The advice was issued as police looked into a massive credit card fraud scheme, which has seen criminals steal at least $50 million.

An international organised crime gang is thought to be behind the scam, which has seen EFTPOS terminals stolen from stores, tampered with and then installed in other shops.

The modified machines allowed the criminals to copy debit and credit card details, which were subsequently used to withdraw large sums from consumers' accounts.

Although the Australian banking industry has said it will cover any losses, dealing with fraud can be distressing for the victims, so police have recommended consumers take extra precautions, such as changing their pin numbers once a month and regularly checking bank accounts for signs of unauthorised activity.

Six people have so far been arrested in connection with the fraud, although police believe it may be being run from Asia.

Meanwhile, New South Wales Police have arrested an unemployed financier in Guildford West in connection with an alleged fraud, following claims that he had been making false credit card applications on behalf of third parties.

By Nate Sawyer