Estimated reading time
5 min
Key points
- Many businesses use business credit cards as an integral part of their daily operations, but they can also represent significant risk.
- Your business credit cards can be compromised in multiple ways, including physical cards, digital wallets, and direct debits.
- Protecting your business credit cards requires proper security hygiene procedures, including changing personal identification numbers (PINs) regularly and storing cards safely. These procedures should be combined with important cyber security practices, like enabling multi-factor authentication.
Business credit cards can make it easier to manage expenses, track spending, and support cash flow. With many cards now available in digital wallets, paying on the go has never been more convenient.
While business credit cards offer flexibility and convenience, they can also be targeted by scammers and cybercriminals. If card details fall into the wrong hands, criminals may make unauthorised purchases, withdraw funds, or use the information to commit further fraud. Security incidents can also impact customer and stakeholder trust.
The good news is that there are simple steps you can take to help protect your business credit cards, reduce the risk of fraud, and keep your business and financial information secure.
How business credit cards can be compromised
Business credit cards can be targeted in a range of ways, including scams, phishing messages, malware, data breaches and physical card theft.
If card details are compromised, criminals may make unauthorised purchases, withdraw funds, or use the information to commit further fraud.
How to help protect your business credit cards
- Enable multi-factor authentication (MFA) on your accounts
- Verify unexpected requests for payment or information using a trusted contact number
- Use strong passwords, passphrases and PINs for your business accounts and credit cards
- Monitor transactions regularly
- Stay informed about common scams
- Limit access to cards and card details
- Store cards securely when not in use
What to do if your business credit card is compromised, lost or stolen
Contact your bank immediately to help prevent further unauthorised transactions. If you bank with ANZ, you can report it through the ANZ App or by calling us.
Where to report fraud and scams
If you suspect fraud on your account or have shared financial information or transferred money as a result of a scam, contact your bank as soon as possible.
If you bank with ANZ, please contact us straightaway. Our Customer Protection Team is available 24/7 to help you.
If you have shared credit card details or believe your credit card details have been compromised, ‘block’ or cancel those cards immediately. If your cards are with ANZ, you can report the stolen card through the ANZ app or by calling us.
You can also report scams to:
- ReportCyber (Australian Cyber Security Centre)
- Scamwatch (Australian Government)
For additional support, IDCare provides guidance on identity theft and cyber security concerns.
