Business Loans Australia :: Articles

Credit Cards: Identity Theft and Credit Protection

How can I protect myself from identity theft and credit card fraud?

Credit Cards: Identity Theft and Credit Protection

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

Credit card fraud and identity theft have become widespread not only on the Internet but offline as well. Learn how to avoid these risks and protect your identity as well as your finances or credit line.

According to the US Federal Trade Commission, there are approximately nine million Americans that experience identity theft every year.

Identity theft happens when an unauthorized person takes control of your personal information, including your social security number and your credit card details, and uses it for his or her own interests.

Many companies are quick to respond to these instances. They now offer services and products that can monitor the use of your card, protect your identity, and reimburse the lost funds.

Credit Card Fraud vs. Identity Theft

Identity theft is not the same as credit card fraud although they are often connected to each other.

Identity theft is what happens when a criminal takes your identity and performs transactions with your card.

Usually, there is financial motivation with the guise, such as purchasing items online using your name.

Most thieves today can change your credit information, make new accounts, and even use your ID to commit crimes.

On the other hand, credit fraud starts when someone has stolen your card.

Once they have your credit card number, they can then use it to purchase online or even in person.

They typically resell the goods in order for them to obtain cash. Oftentimes, credit fraud leads to identity theft.

Do You Need Identity Theft Protection?

Everyone with a credit card needs protection against identity theft.

While there are tools that can be bought to help keep you safe from this criminal act, there are measures that you can do that don't cost money.

Practice them first before you resort to services with fees.

Here are some of the things that you can do to help safeguard your card and your identity:

  • Protect your information when performing online purchases.

Many people are now buying stuff online.

Stay informed with MoneyTips

MoneyTips logo Get practical financial information, news, guides and resources delivered free to your inbox each month with the MoneyTips eZine.

While this is convenient, there are risks that may be encountered if you are not careful.

As a matter of fact, it is easier for identity thieves to get your information online.

Make sure that you don't store your passwords and log in information, especially when you use a public computer.

Keep away from phishing tricks.

Phishing scams mimic online shopping websites and banks so that they look legitimate and can get your credit card account.

  • Check your credit card bills.

If there are portions in your statement that seem suspicious to you or if you see purchases that you didn't do, contact your creditor immediately.

  • Shred financial documents.

This is pretty easy, but most people tend to throw away their documents without even shredding them.

Desperate thieves will do anything to get your bank and personal information to use it for their crimes.

  • Beware of multiple swipes.

Card readers sometimes don't read the magnetic stripe in your card so merchants swipe again.

However, there are instances when the second swipe will be used to duplicate the information from your card.

Always ask for a reason why your card has been swiped more than once.

Credit cards usually come with identity theft protection. They can monitor your activities and may report to you in case there are detected changes.

While these are useful, it always pays to be a vigilant cardholder by performing the DIY methods mentioned above. 

Published: Sunday, 1st Aug 2021
Author: 260

Rate this article

0 Comments

No comments yet. Be the first to share your thoughts.


Business Loans Articles

Financial Planning for Business Growth: A Blueprint for Expanding Enterprises
Financial Planning for Business Growth: A Blueprint for Expanding Enterprises
Financial planning becomes increasingly important as a business prepares to expand. A practical financial plan can help an enterprise allocate resources, assess funding needs, manage cash flow and prepare for risks that may arise as operations scale. - read more
Understanding the Essential Documents Needed for a Successful Loan Application
Understanding the Essential Documents Needed for a Successful Loan Application
When it comes to applying for a loan, having the right documents is crucial. Whether you're looking to buy a home, start a new business, or refinance an existing loan, documentation can make or break your application. It serves as evidence of your financial health, providing lenders with a clear picture of your ability to repay the loan. - read more
Start-Up Loans in Australia: How New Businesses Can Access Capital
Start-Up Loans in Australia: How New Businesses Can Access Capital
Starting a business in Australia often requires capital before revenue is consistent. This guide explains how start-up loans and other business finance options may help new businesses fund operations, equipment, technology or growth, and what lenders commonly look for before offering finance. - read more
Cash Flow and Working Capital: Practical Strategies for Australian Business Growth
Cash Flow and Working Capital: Practical Strategies for Australian Business Growth
Cash flow is the movement of money into and out of a business. Working capital is the short-term funding available after current liabilities are considered. Together, they help a business meet day-to-day obligations, manage timing gaps and plan for growth opportunities. - read more
How to Improve Your Startup Loan Application in Australia
How to Improve Your Startup Loan Application in Australia
Securing finance can be an important step for a startup, but new businesses often face closer lender scrutiny because they may have limited trading history. This guide explains how startup loan options work in Australia and how founders can prepare a clearer, more credible application without assuming approval is guaranteed. - read more
Business Loan Refinancing and Sustainable Business Growth
Business Loan Refinancing and Sustainable Business Growth
Business loan refinancing involves replacing existing debt with a new loan under different terms. For Australian businesses, refinancing may help improve cash flow, simplify debt management or align repayments with longer-term growth plans, but the costs and trade-offs need to be assessed carefully. - read more
Customized Leasing Solutions: Finding the Right Terms for Your Business Needs
Customized Leasing Solutions: Finding the Right Terms for Your Business Needs
Equipment leasing presents a strategic financial opportunity for Australian businesses seeking to maximize operational efficiency without the hefty price tag of purchasing. As many companies strive to stay competitive and agile in a bustling economic landscape, the importance of flexible asset acquisition cannot be understated. - read more

Finance News

SME Borrowing Rebound Puts Planning Ahead of Panic
SME Borrowing Rebound Puts Planning Ahead of Panic
04 Nov 2026: Paige Estritori
Australian SME borrowing activity appears to have regained momentum, with newly reported Banjo Loans Barometer data for the quarter to 30 September 2026 pointing to stronger loan applications, more loans drawn and a continued focus on cash buffers. The result is notable because it follows months of more cautious borrowing signals from parts of the small business market, and suggests many firms are not simply waiting for conditions to improve before reviewing their funding position. - read more
SMEs Turn to Non-Bank Funding as Investment Plans Hold Up
SMEs Turn to Non-Bank Funding as Investment Plans Hold Up
28 Oct 2026: Paige Estritori
Australian SMEs planning their next round of investment are increasingly looking beyond traditional bank funding, with new ScotPac SME Growth Index findings reported by Inside Small Business on 22 October 2026 showing non-bank finance has reached a record share of intended funding use. The result is a notable signal for business owners and finance managers: the question is no longer simply whether credit is available, but which structure best matches the timing, risk and cash flow profile of the business. - read more
Business Confidence Signals Put Loan Readiness Back in Focus
Business Confidence Signals Put Loan Readiness Back in Focus
16 Sep 2026: Paige Estritori
Latest Australian business survey reporting is sending a practical message to owners and finance managers: trading conditions may be holding up in parts of the economy, but confidence remains fragile. For SMEs, that mix matters. When revenue is uneven, input costs are sticky and customers are cautious, the timing and structure of new borrowing can become just as important as the headline interest rate. - read more
Why ATO Interest Changes Matter for Business Borrowers
Why ATO Interest Changes Matter for Business Borrowers
09 Sep 2026: Paige Estritori
A tax change now working through Australian business finances deserves close attention from owners, directors and finance managers. Since 1 July 2025, the ATO’s general interest charge and shortfall interest charge have no longer been tax-deductible. For businesses carrying overdue tax or correcting underpaid obligations, that can lift the effective after-tax cost of falling behind. - read more
Payday Super Puts Payroll Timing Under the Finance Microscope
Payday Super Puts Payroll Timing Under the Finance Microscope
02 Sep 2026: Paige Estritori
Australia’s move towards Payday Super is more than a compliance update for employers. For many small and medium-sized businesses, it changes the rhythm of payroll-related cash outflows and places a sharper focus on whether day-to-day liquidity is strong enough to meet obligations as they fall due. - read more
Specialist SME Lending Remains Open, But Discipline Matters
Specialist SME Lending Remains Open, But Discipline Matters
26 Aug 2026: Paige Estritori
Latest market reporting around specialist SME lender Judo Bank points to a business credit market that is not shutting down, but is becoming more deliberate. The lender’s continued focus on relationship-led lending, deposits and small to medium-sized business borrowers suggests demand for finance remains present among firms with clear plans and serviceable cash flow. - read more
Payment Timing Keeps Pressure on SME Working Capital
Payment Timing Keeps Pressure on SME Working Capital
19 Aug 2026: Paige Estritori
Fresh small business indicators are again pointing to a familiar challenge for Australian SMEs: trading activity may continue, but the timing of cash receipts is still creating pressure. Recent industry commentary has highlighted uneven payment behaviour, cautious customer spending and a more deliberate approach to investment among smaller firms. For owners and finance managers, that combination can make working capital planning just as important as sales growth. - read more


Knowledgebase
Asset-Backed Security (ABS):
A financial security backed by a pool of assets, such as loans, leases, credit card debt, royalties, or receivables.