Figures released by the industry self-regulatory body Australian Payments Network (AusPayNet) have showed fraud on payment card transactions declined 15.4% in the 12 months to 30 June 2020.
The decline, which came as spend on cards totalled USD 803.4 billion (up 0.5%), continues the trend recorded in the 2019 calendar year and reflects the initial impact of a coordinated industry effort to combat fraud associated with online transactions, the largest category of card payments fraud.
The FY20 drop in card fraud translates to a rate of 56 cents per USD 1,0000 - down from 66 cents per USD 1,000 in FY19.
The FY20 data released shows overall card fraud fell to USD 447.2 million, down from USD 528.8 million (FY19), while CNP fraud - affecting mainly online transactions - dropped by 14.0% to USD 392.4 million.
CNP fraud, which occurs when valid card details are stolen and used to make purchases or other payments without the card being present, usually online, accounted for 87.7% of all card fraud in FY20.
Other fraud categories also declined during FY20, with lost and stolen card fraud down 28.5% to USD 30.8 million and counterfeit/skimming fraud down by almost a quarter to USD 14.0 million, continuing the long-term downward trend for this type of fraud.
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