Spike in online payment fraud in Australia

Wednesday 22 August 2018 00:19 CET | News

The official aggregated figure for online payments fraud on all Australian cards has hit USD 476 million for the 2017 calendar year, surging from USD 418.1 million in 2016.

The numbers are based on disclosures made by banks and credit card schemes to the Australian Payments Network (AusPayNet), a self-regulatory body.

In proportional terms, online fraud on all cards now accounts for 85% of local card fraud volume and is up from 78% in 2016, up sharply compared to the previous five years that all sat below 80%.

Moreover, online fraud using credit and scheme debit cards (the ones that let you pay from a bank account using a card branded Mastercard or Visa) now accounts for almost all payments fraud in Australia. Card not present fraud (CNP) ballooned 13.9% while almost all other fraud types declined.

To solve the unknowns in the payments fraud data, AusPayNet announced the start of an industry consultation on a new framework to accelerate the fight against online card fraud as the figures were released.

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Keywords: online fraud, CNP, credit card, debit card, Australia, payment fraud, banks, credit card schemes, statistics
Countries: World

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