News, Education and Events Decoding Digital Payments & Fraud

News, Education and Events Decoding Digital Payments & Fraud

CNP Fraud Accounts for 85% of All Card Fraud in Australia

CNP Fraud Accounts for 85% of All Card Fraud in Australia

CNP fraud accounted for 85 percent of all card fraud in Australia last year, according to a new report from the Australian Payments Network (AusPayNet). A sophisticated, tech-savvy consumer base has made Australia an attractive market for merchants around the world. But, those consumers, domestic merchants and global sellers looking to expand into the market, are as susceptible to online fraud as they are in any other country. AusPayNet found card fraud, overall, rose 5 percent in 2017, keeping pace with the overall growth in transactions. But CNP fraud on Australian payment cards rose at almost triple the rate (14 percent from 2016 to 2017), totaling $476.3 million.

AusPayNet issued guidance to merchants on steps they might take to rein in CNP fraud including: more investment in tokenization, increased use of tools that authenticate users (i.e., more use of biometric methods and two-factor authentication) and more engagement and education.

“This is the trend internationally, and the Australian industry has mobilized to ramp up the uptake of prevention measures,” said AusPayNet CEO, Dr Leila Fourie. “With fraud values in other areas of card payments either flat or falling, attention is now focused squarely on online fraud. The framework released for consultation today is the result of collaboration among the entire range of stakeholders in online payments. Card issuers, retailers, card schemes, payment gateways, payment service providers, regulators and industry bodies have joined forces to ramp up the fight.”

Fraudsters Making Each Minute on the Internet ‘Evil’