(03) 9020 2905Little known fact: I was the first ever victim of internet credit card fraud in Australia!
Okay, not the first. But it was last century, which made it pretty early in the history of cyber crime. And it scared me off online purchasing for years.
It was 1998 and I’d never bought anything over the internet. But when I got my credit card statement one month, I’d apparently bought CDs from Los Angeles, flowers from Amsterdam and “toys” from Germany – the type that shouldn’t be detailed in a family newspaper.
Somebody was planning a romantic (raunchy?) weekend and thought I might like to pay for it.
The bank acted swiftly and my money was returned. And even though I didn’t lose anything, I’ve since kept an intense eye on my credit card bills. It happened again some months later.
Fifteen years later, I’m a little more comfortable with online purchasing. Literally, just before I wrote this column, I bought an iPad online. But I’m very security conscious. I only purchase goods from major brand names, or parties that I’ve had a previous history with.
Buying financial products online, such as bank accounts, insurance, credit cards and mortgages, usually involves dealing with large reputable organisations, with stringent legal requirements. But I use the same cautious approach.
Start with comparison websites to do your research for items including bank accounts, insurance and credit cards.
And while mortgages should never be just about the interest rate, websites are a good place to start comparing. If you don’t have the time, see a reputable mortgage broker.
Bruce Brammall is the author of Debt Man Walking (www.debtman.com.au) and principal adviser with Castellan Financial Consulting.