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RBA eyes digital identity framework in Australia

Monday 21 August 2017 00:56 CET | News

The Reserve Bank of Australia has been showing a growing interest in the development of a digital identity framework in Australia.

Thus, the bank is eyeing the rollout of digital identity credentials to Australian consumers as a way to stop Australia’s rapidly growing volumes of online credit card fraud and other fake electronic transaction, according to The Mandarin.

The decision came in the light of the Australia’s latest set of online credit card fraud losses, released in August 2017, which accounted of USD 417 million for the 2016 calendar year. According to Australian Payments Network, the proportion of card not present fraud in the card payments mix has jumped from 68% in 2012 to 78% in 2016. However, the value of that fraud has more than doubled in the same period, exploding from USD 183 million in 2012 to USD 417 million in 2016.

Furthermore, the RBA’s powerful Payments System Board, which sets the regulatory guardrails for how transactions are conducted and priced, has encouraged the payments industry to work collaboratively on digital identity. It has also noted the importance of engagement between banks and government on this issue.


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Keywords: Reserve Bank of Australia, digital identity, online security, fraud prevention, Australia, online credit card fraud
Categories: Fraud & Financial Crime
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Countries: World
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Fraud & Financial Crime






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