Australian CNP Fraud on the Rise
July 16, 2012
The Australian Payments Clearing Association (APCA) reported late last week that fraud perpetrated on Australian-issued credit cards, signature debit cards and charge cards surged largely due to CNP fraud. During 2011, fraud in the category rose from 67.2 cents per every $1,000 transacted to 96 cents, with CNP fraud accounting for 71 percent of the total. The APCA says the increase reflects more businesses in Australia, especially small and midsize retailers, establishing an online presence.
To address the growing problem, the APCA says it is developing an online curriculum giving retailers training on the techniques and technology they can use to limit fraud.
“Tackling CNP fraud requires effort from everyone, from the retailer, through financial institutions and card schemes, and in the end from the consumer,” says APCA CEO Chris Hamilton. “We need Australians to know that tools to help protect against CNP fraud are readily available today. If you are a retailer selling online or a consumer shopping online, you need to be using these tools as well as other practical measures to stay safe online.”