Australians are facing a big risk with $1.04 billion on forgotten travel cards. These cards are easy targets for cybercriminals. Commonwealth Bank CEO Matt Comyn warns of hackers taking hundreds of dollars from these cards. The average card has about $300 on it.
This scam has left many Aussies in awkward spots. For example, 2GB Radio’s Ben Fordham had money taken from his card without his permission. Scammers are getting smarter, making it harder for people to avoid fraud and financial loss.
Major Highlights
- Australians have $1.04 billion in unspent foreign currency on travel cards, leaving them vulnerable to cybercriminals
- The average amount on each travel card is approximately $300, making them a prime target for hackers
- Commonwealth Bank CEO warns Aussies to stay vigilant as scammers target travel cards through sophisticated tactics
- Radio host Ben Fordham’s experience with an unauthorised OnlyFans subscription highlights the embarrassing situations Australians face
- Cybercrime and online deception continue to evolve, putting Aussies at risk of fraud alerts and financial losses
Billions in forgotten travel card funds at risk from cybercriminals
Australians love using travel cards for easy payments. But, billions of dollars in unclaimed funds are attracting cybercriminals. These cards, used for transport or government services, are often not checked regularly. Scammers are finding ways to steal the forgotten money.
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Travel card vulnerabilities
Travel cards make payments easy but are risky. Cybercriminals quickly find ways to exploit these risks. If users don’t check their cards often, hackers can access the funds without being noticed.
Common targets and attack methods
- Unauthorized subscriptions: Scammers use stolen card details for ongoing services, slowly using up the balance.
- Fraudulent charges: Hackers make fake purchases or move money to their accounts, leaving the cardholder in the dark.
Real case studies of compromised accounts
Journalist Ben Fordham had his travel card hacked. He didn’t know there was money left, and scammers took it all. Stories like this show we need to be more careful and protect our cards better.
Scammers often pretend to be trusted, like in emails asking myGov users for personal info. These scams aim to steal financial details, putting travel card accounts at risk.
The problem is big. In 2022, payment card fraud in Australia hit $577 million, up 16.5% from 2021. Businesses, like a Melbourne online store, lost over $20,000 to cyberattacks. This shows we need strong fraud systems to stop more losses.
OnlyFans subscription fraud: A new scam targeting travel cards
Cybercriminals have found a new way to use forgotten travel card funds. They use OnlyFans subscription fraud to do this. The case of radio host Ben Fordham, revealed by Commonwealth Bank, shows how serious this internet threat is.
Scammers make $50 OnlyFans transactions without permission. They hope these are quickly refunded so they won’t get caught. This cyber risk can lead to big financial losses for Australians.
The $1.04 billion warning after this scam is a big wake-up call. Travellers need to watch their card accounts closely. They should report any odd activities right away to avoid bigger problems.
“The incident with Ben Fordham’s account shows how scammers are targeting travel cards in new and increasingly sophisticated ways.”
Commonwealth Bank CEO, Matt Comyn, wants to teach people about these cyber risks. The bank plans to hold about 800 seminars in the next year. They want to help Australians stay safe from internet threats and protect their money.
Australians are facing a big challenge with OnlyFans subscription fraud. It’s important to stay alert and take action to keep travel card funds safe. By being informed and acting fast, people can reduce their risk and keep their money safe.
Commonwealth Bank’s urgent warning on travel card security
The Australian economy is slowly getting back on track after the pandemic. The Commonwealth Bank (CBA) is warning about a big increase in phishing schemes and cybercrime tactics aimed at travel cards. CBA CEO Matt Comyn is telling Aussies to watch out for scammers trying to take advantage of these payment methods.
CBA’s Fraud Detection Measures
CBA’s fraud team is working hard to fight these fraud prevention battles. They recently helped radio host Ben Fordham by reversing unauthorized charges on his travel card. This shows their dedication to keeping customers safe.
Expert Advice from CEO Matt Comyn
“Scammers are always changing their ways to trick Australians, and travel cards are a new target for them,” Comyn said. He stressed the importance of checking your card balance often and telling your bank about any odd transactions.
Prevention Strategies for Cardholders
- Keep an eye on your travel card account and check it often
- Tell your bank about any unauthorized transactions or missing money right away
- Think about moving unused funds to your main account after you’ve travelled to reduce risk
- Be careful of unexpected calls, emails, or messages asking for personal or financial details
By staying alert and taking steps to protect their travel cards, Australians can fight off the rising threat of phishing schemes and other fraud prevention issues. With CBA’s help and advice, Aussies can stay ahead of clever cybercrime tactics.
Why $1.04 billion remains unclaimed on Australian travel cards
A shocking $1.04 billion sits unclaimed on Australian travel cards. This is an embarrassing situation for many Aussies. It shows we need to be more aware and manage our travel card balances better.
Many cardholders forget about or ignore the credit on their cards. About 49% of Australians keep their digital foreign currency for future trips. Another 20% see it as a travel keepsake, mostly among the young.
26% of people just don’t bother to use the money. This adds to the big unclaimed balance.
| Unclaimed Currency | Percentage |
|---|---|
| US Dollar | 37% |
| Euro | 33% |
| Singapore Dollar | 21% |
| British Pounds | 20% |
| NZ Dollar | 20% |
The $1.04 billion unclaimed on travel cards highlights the need for better financial education. We need to help people manage their funds better. This can reduce scams and fraud related to unclaimed money.
“The persistence of unclaimed funds on travel cards suggests a pattern of cardholders either forgetting about or neglecting to access the available credit.”
As Australia recovers from the pandemic, it’s key to empower people to manage their travel card funds. This can unlock a lot of money and stop more from being left unclaimed. Financial institutions and policymakers must act to protect Aussie travellers and ensure these funds are used wisely.
Emerging QR code threats and quishing scams in Australia
Australians are loving the ease of QR codes, but a new scam called “quishing” is a big worry. Scammers put fake QR codes over real ones in public spots. This tricks people into going to bad websites that steal their info or harm their devices.
John Pane, the head of Electronic Frontiers Australia, says quishing scams are a big deal. They can steal important stuff like bank details and passwords. “Quishing scams are a growing problem, and Aussies need to be vigilant,” Pane warned, stressing the importance of being careful with QR codes.
Scamwatch says over $100,000 has been lost to QR code scams in Australia. Big names like Services Australia and the Australian Taxation Office have also faced phishing attempts using QR codes. This shows how serious the issue is and why we need strong security to keep Australians safe.
