CNP Fraud Surges Down Under
June 27, 2011
The Australian Payments Clearing Association (APCA) said CNP fraud in the country surged 38 percent in 2010. Overall, the APCA found payment card fraud in Australia increased from 33.3 cents in 2009 to 35.6 cents in every $1,000 transacted in 2010 and CNP fraud is leading the way, according to APCA CEO Chris Hamilton. “The changing trends in card fraud reflect what we have seen overseas,” Hamilton said. “As chip technology takes over and the hard work by industry and law enforcement to combat skimming fraud pays off, the community reaps the long-term benefit of reduced fraud over the counter and at the checkout.” But the focus is already shifting to CNP fraud, he noted. “Every day, there are new online shoppers, new online retailers and more e-commerce. As we saw in the U.K., online fraud increases partly because there is a lot more online commerce and partly because new online consumers and retailers are still working out how to stay safe online.” Hamilton reminded Australian retailers to ensure they are PCI-DSS compliant and to take advantage of the additional 3D Secure methods provided by MasterCard (MasterCard SecureCode) and Visa (Verified by Visa).