Fraud prevention tips for the holiday season - 15 December 2005

Thursday, 15 December 2005

While Internet scams are attracting attention, the National Australia Bank (NAB) has urged customers to be aware that financial fraud comes in many guises - especially over the holiday season.

NAB's Manager, Fraud Prevention, James Holme, said that fraudsters could illegally copy the magnetic strip on your credit card, or steal personal details from your mailbox or from sales receipts.

"Taking simple precautions before you go on holidays, and while you're on the road, can limit the chances of fraud," Mr Holme said.

He said where fraud or deceptive behaviour occurred, NAB worked with customers to close accounts, reissue cards and organise refunds.

"If a customer has unexplained charges on a credit card or bank statement, NAB starts an investigation as soon as we're notified, so it's important customers check their statements as soon as they get them and give us a call if they notice anything suspicious," he said.

"In most cases our staff uncover deceptive activity before the customer does. We have dedicated teams and use sophisticated systems to identify suspicious transactions, like sudden large or unusual purchases. We will contact the customer immediately to ascertain whether the purchase is fraudulent.

"Where fraud has occurred to a customer's account, NAB will refund the customer the money."

The NAB offers holiday-makers the following tips to protect against fraud:

1. Guard Your Card Like Cash

While you might view your credit card as just a piece of plastic, would-be thieves see cards as the equivalent of cash in your wallet.

"Being just as vigilant with your credit cards as you would with cash is a good place to start - use a money belt and don't keep your PIN with your card," Mr Holme said.

"Keep separate from your wallet another money source - travellers' cheques, another credit card, or a Cash Passport; a pre-paid, PIN-protected ATM card that can be used to obtain local currency."

2. Avoid Postbox Overflow

Ensure your mailbox is secure while you're away or, best of all, arrange for your mail to be held at the post office or collected by neighbours. This stops mail piling up, creating a temptation for thieves seeking financial or personal details, which can be used to commit identity fraud.

"Having mail hanging out of the post box is an invitation to steal your personal details," he said.

3.  Have Emergency Numbers On Hand

Store your bank's emergency telephone number in your mobile phone, not only in your wallet, so that if anything does go wrong you can contact your bank without delay. If you do lose your wallet or a credit card, report it immediately so your bank can take action.

4. Be Wary of Dodgy Deals

If you find a deal that seems too good to be true, it probably is. Before you head overseas, check www.smarttraveller.gov.au for information on countries in which a greater risk of fraud might exist.

Be wary of situations where the merchant says they must take your card off premises to process a sale. Being watchful can prevent theft of your card details through 'skimming', which can occur via devices placed on or near ATMs or pinpads, or through people 'shoulder surfing' while you're using an ATM.

5 Use Secure Computers

If you need to bank online while travelling, ensure the computer you use has current anti-virus and firewall protection, as Trojan viruses or spyware can steal passwords and account numbers.

To limit the chances of online financial fraud, NAB internet banking customers can use the bank's password lock system, to 'lock' their internet banking password after use.

Alternatively, NAB's optional SMS security service sends a randomly generated, one time only code via SMS to the customer's mobile phone when they want to transact online. Fraudsters cannot complete such a transaction unless they have the registered mobile phone.

6 Check, Check and Check Again

When making a purchase, check the amount on the receipt against the purchase price, particularly when dealing with foreign currencies.

Mr Holme said checking your bank and credit card statements when you return is an effective way of discovering unauthorised transactions, especially if you've travelled overseas and made numerous purchases.

"Look for items you didn't buy or inflated charges for items you did purchase," he said.
"Once you've checked all the transactions are yours, as an extra precaution, shred receipts and bank and credit card statements, if you don't need them."

- Ends -

Media Note: Free, broadcast-quality audio news grabs with NAB Manager, Fraud Prevention, James Holme, are available now on www.mediagame.com.au. If you are not already a subscriber, you can do so instantly on the site.

For further media information, please contact:        
Mikala Sabin, Corporate Affairs
National Australia Bank
Phone: 03 8634 1572
Mobile: 0404 863 976

For customers with queries about credit card fraud, please contact:
Phone: 1800 033 103 

* The information contained in this media release is for media advice purposes only. The contents are true and correct at time of publishing/issuing, however may change over time. For further information about NAB products or rates, please go to Interest Rates, Fees & Charges