The payments industry self-regulatory body showed that in the face of a 4.2% boost in total card spending to USD 799.4 billion, overall card fraud dropped by 6.9% to USD 527.8 million. The drop continues the trend of declining card fraud rates identified in the data for 2018 released in August 2019.
Data for the 12 months to 30 June 2019 (FY19) revealed that card-not-present (CNP) fraud dropped by 5.0% on the previous FY to USD 455.5 million as the industry has adopted secure technologies such as tokenisation, EMV 3-D Secure, real time monitoring, and machine learning.
Australians are not liable for fraud on their cards and will be reimbursed if they take due care.
Fraud involving lost or stolen cards fell by 16.1% to USD 43.0 million in FY19 and counterfeit/skimming fraud fell by 19.2% to USD 18.6 million, the latter extending a consistent trend since chip technology was progressively rolled-out in the card system over the last decade.
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.