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The different types of credit card fraud explained by our small business accountants in Sydney

Now that you know how to protect yourself from credit card fraud, it is also important for you to be aware of the different types of credit card fraud. As your small business accountants in Sydney, we don’t want to see anyone go through this fraud, which is why we want you to be aware of the different types.

Staying informed about the dangers for your business is crucial to the success of your business, so here are some of the most popular types of credit card fraud explained by our business accountants:

• When your cards are either lost or stolen and used prior to realising
• An account takeover, when you willingly give out personal information regarding your credit card without realising, such as address or your mother’s maiden name
• Counterfeit cards, this is a rapidly declining way that money is stolen due to new security precautions in place such as the chips that cards now hold
• A fraudulent application where they have applied for a credit card using all of your details
• A collusive bank merchant

It is important to always be checking your accounts for these types of frauds to protect your account. Our small business accountants see too many small business owners fall victim to fraud and how it affects them, our advisory services are always available to all small businesses if this has happened to you.

As always, feel free to get in contact with our small business accountants if you have any enquiries or you can check out our services here.