AusPayNet’s latest payments fraud report shows that the overall spend on Australian cards was down by 2.2% to AUD 801.7 billion, the first drop recorded. The overall value of card fraud increased by 0.6% to AUD 467.6 million, following a 19.5% drop in 2019. Australians are not liable for fraud on their cards and will be reimbursed if they take due care.
Card-not-present (CNP) fraud, mainly affecting online card transactions, increased by 3.8% to AUD 418.9 million, alongside a surge in online spending driven by lockdowns and other restrictions during the pandemic. The NAB Online Retail Sales Index estimates that online retail spending grew by 44% in 2020.
The value of other types of card fraud fell to new lows: lost-and-stolen card fraud declined by 25% to AUD 26.3 million, the lowest recorded since 2012, while counterfeit/skimming fraud slumped by 34% to AUD 11.1 million, a record low. AusPayNet CEO Andy White said the industry remained vigilant as ecommerce volumes grew strongly during 2020.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.