AusPayNet welcomes harmonised ISO 20022 data requirements for cross-border payments

Payments Monitor - August 2023

The Australian Government recently released its plan to modernise Australia's payments system. In this issue of Payments Monitor, CEO Andy White discusses the Government's Strategic Plan for Payments and its reforms to payments legislation and the licensing of payment service providers. We also provide a snapshot of the 2023 Australian Payment Fraud Report, an update on AusPayNet's work around management of legacy payment systems, and much more.

Fraud Statistics Jan 22 - Dec 22

Figures in the 2023 Australian Payment Fraud Report show that in 2022, fraud on payment cards rose by 16.5% to $577 million, as total spending on cards rose 16% to $1 trillion. Card-not-present fraud accounted for 90% of all fraud on Australian cards over that period.

AusPayNet fraud data highlights need for strengthened industry collaboration to embed fraud protection in payments system