AusPayNet data shows decline in CNP fraud

Wednesday 7 August 2019 10:11 CET | News

Figures released by the Australian Payments Network (AusPayNet) has shown the rate of card fraud for the 12 months was 72.8 cents per USD 1,000 of card spending.

The data also show a decline in card-not-present (CNP) fraud, which occurs when stolen card details are used to make online or phone transactions. The increase in CNP fraud in 2018 was 2.4%, compared to 13.9% the previous year. At USD 488 million, CNP fraud accounted for 84.9% of all card fraud in 2018, steady on the previous period.

Growth of 2.3% in all types of card fraud during the year, to USD 574 million, was significantly outstripped by 5.4% growth in card spending overall, to USD 789 billion.

Fraud related to lost or stolen cards was up 37% to USD 55.5 million, accounting for 10% of all card fraud. To protect against theft, AusPayNet advises cardholders to always keep their card and PIN safe, install a lockable mailbox, clear mail daily and, if they are away for an extended period, to have their mail held at the post office or collected by a friend.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Australian Payments Network, CNP fraud, report
Countries: World