Tackling CNP fraud remains a top priority for industry. Participants and stakeholders are working collaboratively to expedite industry-wide initiatives.
19 December 2017
The interim payments fraud data released today by the Australian Payments Network, the payments industry’s self-regulatory body, serve as a timely reminder to consumers to take care when shopping online over the busy retail season.
Today’s figures for the 12 months to 30 June 2017 reflect the key trends highlighted in Australian Payments Fraud – Jan-Dec 2016 Data released by AusPayNet in August 2017. With chip technology providing strong protection against counterfeit cards, fraud is continuing to migrate to online channels (card-not-present).
Transactions on Australian cards totalled more than $730.1 billion over the 12-month period – up 3.8%. Card fraud increased by 3.1% to $538.2 million:
AusPayNet CEO Leila Fourie said, “More and more of us are shopping online and this presents more opportunities for cyber criminals. With the peak Christmas period just around the corner, we need to be security aware and take simple steps to help reduce risk when shopping online.”
Tackling card-not-present fraud is a high priority for industry, and participants and stakeholders are working collaboratively to expedite industry-wide initiatives.
Consumers can take simple steps to help protect against online card fraud including:
“With malware and phishing attacks becoming increasingly sophisticated, we also need to be extremely wary of unsolicited emails and text messages from people we don’t know. Don’t click on the link provided and don’t be tricked into divulging confidential data such as your password,” said Dr Fourie.
Australians are not liable for any fraudulent transactions on their payment cards and will be reimbursed as long as they have taken due care.
The interim fraud data release is available at www.auspaynet.com.au. Comprehensive payments fraud data for calendar year 2017 will be released in mid-2018.
For more information: Ida Turner – AusPayNet Communications | +61 409 716 556 | firstname.lastname@example.org