Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Combating Credit Card Fraud For Christmas

Combating Credit Card Fraud For Christmas

Westpac and the New Zealand Retailers Association urge safe credit card use

Westpac is joining forces with the New Zealand Retailers Association to educate Christmas shoppers and retailers about the importance of safe credit card use.

Over the last year business customers and cardholders have experienced losses exceeding several million dollars. Based on Visa statistics, credit card fraud in New Zealand has doubled from 0.06% of turnover in 1997 to 0.12% in 2001. The biggest single credit card fraud committed last year was $5 million. Over half of fraudulent transactions are made over the Internet - even though they make up only 4% of transactions.

Westpac’s Safe Credit Card Use campaign reminds shoppers and retailers how to prevent being defrauded, particularly over the Christmas period, when credit card use is at its highest.

John Albertson, Chief Executive of the New Zealand Retailers Association, says banks and credit card schemes invest substantial resources in reducing credit card risk, but there is no substitute for sound business practices at the point of sale. “The impact of fraud on businesses can be severe. Businesses lose the goods plus are held liable for the payment.

“Some retailers do not follow safe credit card use principles as closely as they should. An authorisation is not a guarantee that the cardholder has legitimate use of the card. It merely confirms that the order of the credit card numbers are correct, there are funds in the account and there are no stops on the card. Fraudulent signatures can also be a problem. Retailers need to ensure they check every signature.”

© Scoop Media

Business Headlines | Sci-Tech Headlines


Climate Summary: NZ’s Equal-2nd Warmest Year On Record

Annual temperatures were above average (+0.51°C to +1.20°C above the annual average) across the majority of New Zealand... 2018 was the equal 2nd-warmest year on record for New Zealand, based on NIWA’s seven-station series which began in 1909. More>>


GDP: Economic Growth Dampens In The September Quarter

Gross domestic product (GDP) rose 0.3 percent in the September 2018 quarter, down from 1.0 percent in the previous quarter, Stats NZ said today... GDP per capita was flat in the September 2018 quarter, following an increase of 0.5 percent in the June 2018 quarter. More>>


Up $1.20: $17.70 Minimum Wage For 2019

Coalition Government signals how it will move toward its goal of a $20 p/h minimum wage by 2021... “Today we are announcing that the minimum wage will increase to $17.70 an hour on 1 April 2019." More>>


Retail: IKEA To Open In New Zealand

Inter IKEA Systems B.V. is today announcing its intentions to grant the Ingka Group exclusive rights to explore expansion opportunities in New Zealand. More>>