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1 in 4 retirees losing money to credit card scams

Rod Attrill

One in four people over the age of 65 has lost more than $1,000 in credit card fraud, according to new research.

Compare the Market has unveiled a new research showing the ease with which older Australians have been scammed, using it as a warning to them to be extra cautious. 

After retirees, Baby Boomers aged between 55-64 were the next most targeted age group, with 22 per cent reporting scams, while just 11 per cent of cardholders under 25 registered that they had been scammed.

An earlier report from the ACCC had outlined that 3,452 fraud reports involving credit cards had been lodged this year alone, with almost half (47 per cent) noted as online shopping scams.

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Compare the Market’s money expert, Rod Attrill, said older Australians are especially prone to these types of cons, as they are typically less savvy than their younger counterparts as finance technology evolves. 

“Those heading into the later years of their life are having to keep up with the fast-paced nature of a cashless society, which can prove both difficult and costly,” Mr Attrill explained. 

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

Most popular scams

Compare the Market has identified the two main methods scammers are using to scam Australians.

Phishing

Calling phishing one of the “most popular methods” of online scamming, Mr Attrill said, “This is where consumers are tricked into giving out their personal information, such as credit card numbers, either online or over the phone.”

Identity theft

The other most common scam, identity theft is the fraudulent practice of using another person's name and personal information in order to obtain credit, loans or make other financial transactions.

Mr Attrill said the use of identity theft by scammers “is particularly prevalent [as a threat] for those wanting to regularly use card details”. 

What should consumers do?

If consumers believe credit card fraud has been committed against them, they are advised to contact their financial provider immediately.

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

Nest Egg has reported that Australians are expected to be scammed out of more than half a billion dollars this year alone.

1 in 4 retirees losing money to credit card scams
Rod Attrill
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Cameron Micallef

Cameron Micallef is a journalist at Nest Egg, writing primarily about personal wealth and economic markets. 

Prior to this, Cameron worked for Australian Associated Press. He graduated from the University of Wollongong with a double degree in communications and commerce.

You can contact him on: This email address is being protected from spambots. You need JavaScript enabled to view it.

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