How to keep your business credit cards safe

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.

A business credit card is a fantastic way to help manage your business finances. It can help you keep track of your business spending, manage cash flow, allocate expenses into appropriate categories, and give you access to rewards programs.

On top of that, business credit cards have now gone digital – meaning that you can add them to your digital wallet without carrying around the physical card. It’s easy to see why so many businesses use credit cards for their day-to-day transactions.

While business credit cards are convenient and have many benefits, they’re also a prime target for many criminals. Around 8.7% of people experienced card fraud in 2023, losing an average of $200 per fraudulent transaction.¹ While that might not sound like much, it can quickly add up if you’re not quick to act. That’s why we’re sharing important tips for protecting your business credit cards, ways to be safer when using them, and so much more.

Why is business card safety important?

The short answer? To protect your business from criminals. When your business credit card details (or the card itself) fall into the wrong hands, the criminal can use it for their own gain, such as withdrawing funds, making online purchases, or using the credit card for other scams and crimes.

There’s also the reputational risk too. Your customers and stakeholders might lose trust in your ability to protect confidential information in your system, including theirs.

The good news is that you can take some simple steps to help ensure the safety and protection of your business credit card.

11 ways to be safer when using business credit cards

1. Keep the physical credit card in a safe spot when it’s not in use. Losing your business credit card can be a quick win for criminals, so make sure you know where it is. Keep it secure when you don’t need it, like in a safe or your wallet (not on your desk or out in the open).
   
   
2. Limit access to the business credit card to a select few who need it. The more people with access to the credit card, the higher the risk of a cybercriminal or scammer stealing the card details.
   
   
3. Use strong passwords, passphrases and PINs for your business bank account and credit card. Don’t share this confidential information with anyone and remember to change PINs and passwords regularly.
   
   
4. Turn on multi-factor authentication (MFA) for your business credit cards and bank accounts. MFA is a security measure that requires you to verify your identity through various methods. It’s usually a combination of something you know (like a password), something you have (like an authenticator app on your phone), and something you are (like a face scan). MFA puts extra layers of security between your business bank accounts and criminals.
   
   
5. Set a daily credit card limit. If a scammer can access your credit card details, a limit can help reduce how much they can take from you in a single transaction.
   
   
6. Monitor your accounts for anything suspicious. Even if a small transaction, like $5, looks unusual or out of the ordinary, contact your bank immediately.
   
   
7. Shred documents that contain your business banking information, such as bank statements or financial reports. Scammers and cybercriminals will go to extensive lengths to get information to carry out their crimes – even dumpster diving.
   
   
8. Pause before sharing information with anyone, even if it seems like it’s from a legitimate source. Trusted organisations like your bank, the government and telco providers will never ask you to send your personal or business banking details over the phone. Verify the source of the message or call by contacting the organisation using a verified phone number, website or email you sourced independently.
   
   
9. Don’t use public Wi-Fi for your online business banking. Cybercriminals can hijack public networks to steal data from your business devices, including your credit card information.
   
   
10. Learn about the different types of scams and how to stop them. Most, if not all, cybercriminals will use a scam to trick you into giving up your business credit card information for them to use. By understanding the different scams and how they work, you can help stop the scammers before they have a chance to strike.
    
    
11. Use secure payment methods when using your business credit card. For example, when shopping online, make sure the website has ‘https’ at the start of the URL or a padlock icon (or both) to help ensure the store is secure. You can also shop online while using a virtual private network (VPN), which encrypts your internet traffic and hides your IP address.

Common scenarios where a business card is compromised

Someone clicked on a phishing link

A scammer might send you a phishing email and trick you into clicking on a link. They may send you a message or email while impersonating a trusted authority or organisation, like your bank or the government. If you click the link, you might go to a fake website where you are directed to enter your credit card information. Or the fake website might install malware (malicious software) onto your device, so the cybercriminal can steal information, spy on you, or lock your files and demand a ransom for their release.

Malware infects a business device

If you click on a suspicious link or download a file from an unexpected email, you could infect your device with malware. Malware is a type of malicious software that can corrupt your device, lock, or delete your files, or steal information like your credit card details. Depending on how your files are stored, the malware might be able to infect your entire business network.

Business data breach

When a business is hacked, both consumer data and its own operational data—including a business credit card and banking information—are at risk of being exposed. The cybercriminal can sell your credit card information on the black market or, depending on their motivation, use it themselves. 

How does ANZ work to protect your business credit card?

• ANZ Falcon® anti-fraud technology works around the clock to try to detect and prevent fraudulent transactions on your business credit card.
  
  
• ANZ gives you the option to enable MFA to verify transactions, such as with a one-time passcode, voice ID or ANZ Shield.
  
  
• The ANZ Fraud Money Back Guarantee means you may be reimbursed for any eligible fraudulent transactions on your ANZ card.
  
  
• Visa Secure gives you an extra layer of security when you’re shopping online. It uses a password-protected authentication system to confirm the cardholder’s identity when used online in suspicious or different-than-usual circumstances.
  
  
• An embedded microchip in all ANZ cards makes it harder for your card to be fraudulently copied.
  
  
• Customer support is available 24/7, so we’re here to help whenever something doesn’t feel right.

What can you do if you think you've been scammed?

• If you’ve shared financial information or transferred money, contact your bank immediately. If you’re an ANZ customer, contact us immediately.
  
  
• If you have shared credit card details, ‘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. 

Who can you contact if you’ve been scammed?

• Contact the Australian Cyber Security hotline, 24 hours a day, seven days a week on 1300 CYBER1 (or 1300 292 371).
  
  
• Help others by reporting to Scamwatch or to the Australian Signals Directorate’s Australian Cyber Security Centre’s ReportCyber.
  
  
• For phishing or identity theft associated with government accounts such as Centrelink, Medicare, or Child Support, contact the Services Australia scams and identity helpdesk on 1800 941 126 or visit their website.
  
  
• You can also contact IDCare, a not-for-profit organisation providing support to those experiencing identity and cyber security concerns.
  
  
• Contact your bank immediately if you have shared personal or financial information.
  
  
• If you’re an ANZ customer, you can report fraud or suspicious activity in multiple ways, such as through the ANZ app or by calling us.