An online payment provider has raised concerns about how Australian regulators will deal with the issue of fake credit cards, and has warned that the problem is likely to get worse.
Key points:The credit card company says it’s working to “ensure the integrity of the online payment experience”The Australian Consumer Law Reform Commission has raised questions about how to deal with fake credit card applicationsThe company says customers should contact the company to report any suspicious transactionsIt’s the first time the company has raised the issue publicly, but it says it has not received a formal complaint.
The Australian Financial Reform Commission (AFRC) said it had raised concerns with the company, and that it had received a “strong” response.
“As we have stated previously, the consumer protection and consumer advice that we receive from the credit card industry is of the highest priority,” said a spokesperson for the ACCC.
“This is because it is often the case that fraudulent or fraudulent card applications are submitted to credit card companies, which can have serious consequences for consumers.”
In the event of a consumer’s credit card being used to make a fraudulent transaction, the card company should be able to identify the person behind the transaction and report the fraudulent transaction to the credit reporting agency.
“The company said it was working to ensure the integrity to the online payments experience, and had been “working with our card partners and partners of the credit industry to address this issue”.”
In addition, we are taking a number of steps to address consumer complaints through the use of our own automated reporting systems and automated response processes, as well as through the development of new consumer awareness campaigns,” the spokesperson added.”
These efforts include our Card Services Response team, which is actively looking at ways to improve the customer experience and support for cardholders, and our Customer Advocate Team, which will be supporting cardholders to provide a more positive online experience.
“The spokesperson did not address whether the company was also looking at making changes to how its credit card processing works.
The issue is the latest in a series of complaints to be raised by consumers about the way credit card issuers process transactions.
Last month, the Australian Consumer Bureau (ACB) said that it received a total of 17,722 complaints about fraudulent online payment card applications, including more than 6,000 from people who had been refused online credit cards by their credit card providers.
In September, the Federal Government announced new rules that would make it easier for Australians to lodge complaints about fraud.
The new rules include a new offence for those who deliberately misapply for a credit card.