USE
CREDIT WISELY AND SHOP SAFELY THIS FESTIVE HOLIDAY SEASON
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Sydney:
With just weeks to go before Christmas and the holiday
season, the Australian Bankers’ Association (ABA) is
advising bank customers to make their credit card work for
them and to take care when making holiday gift purchases using
other forms of electronic payments.
David
Bell, Chief Executive of the ABA, says increasingly
Australians are choosing electronic payment methods when
shopping and there are some simple tips to follow to protect
their money while shopping in a store, by telephone or online.
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| “EFTPOS
and credit card transactions now represent 60% of payment
transactions undertaken each month. Australian consumers have
embraced electronic payments for convenience and safety,”
said Mr Bell. |
The
ABA has the following security tips for shoppers:
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Your
Personal Identification Number (PIN) is the key to your
accounts. Memorise your PIN and never disclose it to anyone;
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If
you can’t memorise your PIN don’t carry it with your card
where it could easily be stolen along with the card;
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When
selecting your PIN, avoid the obvious such as your name,
telephone number, date of birth or address;Use your hand or body
as a shield to prevent others from seeing you enter your PIN;
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When
shopping online, know the merchant you are dealing with, make
sure the merchant has a secure transaction system and review the
merchant’s privacy policy for protecting your personal
information;
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Beware
of scams and never give your credit card number over the
telephone unless you are dealing with a reputable company or you
initiated the call yourself;
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Never
leave your credit or debit cards unattended in case of theft and
report a lost or stolen card immediately;
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Carefully
check your monthly bank and credit card transaction statements
and immediately report any unauthorised transactions to your
bank.
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Bell
said most consumers use their credit cards wisely to help
manage their finances over the
“Don’t
forget, a credit card is for short term debt management.
Stop and think how long you want to be paying off those
gifts.”
“Credit
card debt can become a problem for a small minority of people,
and banks aim to ensure that cards only go to customers that
have a demonstrable ability to service their credit card
repayments.”
“When
taking on more debt, always give some thought to how you would
manage if your income was interrupted for a while or if you
lost your job.” |
“Unforeseen
change in personal circumstances such as unemployment, illness and
family breakup are the major causes of financial difficulties with
repaying card debt.”
“Credit
card debt accounts for just 4.9% of total household debt - the home
loan accounts for the majority of the total household debt
figure.”
“The
vast majority of bank customers use their credit cards responsibly
but especially during the festive season, think about making your
credit card work for you,” Mr Bell said.
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