Retirement Income

“Be extra vigilant”: One in four retirees losing $1,000 to credit card scams

“Be extra vigilant”: One in four retirees losing $1,000 to credit card scams

People aged 65 and over have been urged to take precautions when banking online after a survey revealed that over one in four retirees have lost more than $1,000 to credit card frauds.

A survey of 1,500 Australian credit card holders by price comparison website comparethemarket.com.au found that 27 per cent of those aged 65 and above have lost a significant amount to scams.

Baby boomers or those aged between 55 and 64 were the second most affected age group, with 22 per cent reporting upwards of $1,000 lost to skimming. Only 20 per cent of consumers aged 25-34 and 11 per cent of under 25s reported to facing the same issue.

The poll also found that almost a third (32 per cent) of the retirees have tried to avoid using their card when shopping online.

According to the Australian Competition & Consumer Commission (ACCC), Aussies have lost a reported total of $3 million to online shopping scams so far this year.

Money expert at comparethemarket.com.au Rod Attrill said older Australians are especially vulnerable to these types of cons due to difficulties in keeping up with the ever changing technology.

“Especially for scammers online, this particular demographic are also perceived as having more accumulated wealth which makes them an attractive target when grabbing card details,” said Attrill.

“This is why it’s vital for any consumer, old and young alike, to be extra vigilant anytime they use their credit card for online purchases or even when withdrawing money at an ATM.

“If you suspect your financial details were stolen, you should alert your bank immediately for a better chance at recovering your money.”