A new and more efficient payments system will be a magnet for fraud. Here’s how to prepare

Most credit card fraud takes place online or over the phone. It’s not the cards that are stolen, but the details.

The Australian Payments Network finds they are used to amass 85 per cent of the money stolen using Australian credit cards, without the need to steal the cards themselves.

Usually, we are not liable for the money lost. It is reimbursed through our card provider if we have quickly reported the breach and taken due care.

The launch this February of the New Payments Platform, owned by both the banks and Reserve Bank, will make payments instant.

It isn’t yet…