Chip Technology Shifts Australian Payment Card Fraud to CNP Transactions
Dec. 13, 2010
The introduction of chip technology in Australian payment cards has resulted in a significant drop in skimming fraud but has led to a surge in CNP fraud. According to the Australian Payments Clearing Association (APCA), overall skimming fraud on Australian-issued credit and debit cards dropped 24 percent to $34.5 million. CNP transactions originating in the country, however, which don’t benefit from Chip and PIN technology, have seen fraud increase by 25 percent to $102.6 million and now accounts for 52 percent of all fraud. APCA has called for better implementation of the PCI data security standard to limit merchant breaches, and wider uptake of the 3D Secure standard implemented by international card schemes Visa and MasterCard.