Australian Card Fraud on the Rise Due to CNP
Dec. 15, 2014
The total fraud rate on cards and checks in Australia from June 2013 to June 2014 rose from 1.6 percent to 1.9 percent due largely to card-not-present fraud. The Australian Payments Clearing Association (APCA) recently reported card-not-present fraud on Australian cards grew from $199.2 million to $256.1 million during the same time frame. Much of the fraud was perpetrated overseas.
“We all know that the economy is going digital, and this year even more people will be doing their Christmas shopping online,” APCA CEO Chris Hamilton said. “Along with the convenience of online global shopping comes a greater need to be aware of scams and to know who you are dealing with. The rise in online cross-border card fraud is a timely reminder to take special care this holiday season.”
The rise in fraud mirrors a concurrent increase in online activity, the APCA said. In the four years ending in December 2013, online sales in the country increased by 140 percent. Card-not-present fraud rose 67 percent during the same period.