While most of us today use credit cards to make our daily purchases but credit card fraud is an issue on the minds of many users.
A report by the self-regulatory body, the Australian Payments Network, shows that 78 percent of card fraud in Australia occurs online. It says fraud rose by 13 percent last year.
Dr Leila Fourie is the Chief Executive of the Australian Payments Network. She says card holders have be vigilant- no matter how small the sum of money concerned is.
"What we see is that fraudsters take small amounts, and these increase over time. And what customers should certainly be doing is looking for the small amounts on their bills that don't make sense and that are unfamiliar," Dr Fourie says.
But it's not just individual consumers who have to worry. Businesses and financial institutions are being urged by credit risk organisations to lift their levels of online protection.
Suzanne Steele is the Managing Director of Experion - a global information and financial services company. It assists businesses with risk management and fraud prevention.
She says companies have to be proactive rather than reactive in their approach to fraud - and not enough companies are currently doing this.
"Some of the banks, in particular, are massively doing a lot right at the point of interaction. And that's all baked into their processes. But, in many organisations, they're not building that into the front end (of their business)," Ms Steele says.
Cyber thieves have many ways of practising fraud. These include credit card skimming, identity fraud, online and telephone scams, and what's knwon as 'card not present' fraud, where credit card details are stolen, and used to make purchases online.
The Australian Payments Network says it will launch a program next year to educate consumers and businesses on how to protect their online identities.
Australians' use of online platforms is growing at a rate five times faster than traditional retail spending. And whilst fraud will never completely disappear, Ms Steele says everyone has to do their part to minimise it.
"Technology business like Experian invest millions in products to combat fraud. It's a race. It's a race. We all, as consumers, and as businesses, have a moral obligation to really try and fight this crime."
The race clearly a battle to ensure that fraud doesn't pay as well - or as easily - as it has up until now.
