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Expats in Australia warned over card fraud
Expats in Australia warned over card fraud
| Published: | 20 Feb at 6 PM |
Expats living in Australia must monitor their UK credit and debit cards closely as retailers in Australia move increasingly towards lowered security, reports the Daily Telegraph.
Australia is one of the most popular countries for Brits to emigrate to, with more than 100,000 making the move between 2005 and 2010. Most Brits who move abroad open bank accounts in their new country, but a study in 2010 showed that over half of Brits who emigrated more than five years ago kept their UK-based current account.
However, cards which aren’t used very often and are generally forgotten about could pose a major threat to those living in Australia. A payment system was launched last year which removes the requirement for a signature of pin for transactions below AU$35 (£24).
Firms involved so far includes Australia’s main supermarkets Woolworths and Coles, K-Mart and McDonald’s. Unlike contactless payment set-ups, which only accept specially issued cards, the new system accepts existing cards, including ones which have been issued overseas, confirmed Visa Europe’s Mark Austin.
Austin explained that a UK card used for payments at participating merchants can be used without a pin or signature for transactions that are less than AU$35. He said that this is the case whether the card is used in the magstripe or the chip. He explained that as long as the transaction is approved by the existing bank it will work, although an issuer is able to decline the transaction should they deem it too risky.
Australia is one of the most popular countries for Brits to emigrate to, with more than 100,000 making the move between 2005 and 2010. Most Brits who move abroad open bank accounts in their new country, but a study in 2010 showed that over half of Brits who emigrated more than five years ago kept their UK-based current account.
However, cards which aren’t used very often and are generally forgotten about could pose a major threat to those living in Australia. A payment system was launched last year which removes the requirement for a signature of pin for transactions below AU$35 (£24).
Firms involved so far includes Australia’s main supermarkets Woolworths and Coles, K-Mart and McDonald’s. Unlike contactless payment set-ups, which only accept specially issued cards, the new system accepts existing cards, including ones which have been issued overseas, confirmed Visa Europe’s Mark Austin.
Austin explained that a UK card used for payments at participating merchants can be used without a pin or signature for transactions that are less than AU$35. He said that this is the case whether the card is used in the magstripe or the chip. He explained that as long as the transaction is approved by the existing bank it will work, although an issuer is able to decline the transaction should they deem it too risky.
