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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