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Digital Identity, Security & Online Fraud

Australia: USD 521m registered losses to card fraud in 2016 financial year

Wednesday 28 December 2016 | 02:07 PM CET

Australians lost USD 521 million to card fraud in the 2016 financial year, stats released by the Australian Payments Clearing Association (APCA) indicate.

According to the same source, cited by www.abc.net.au, Australians spent a total of USD 703 billion during the period under review, accounting for 0.07 percent of the total. Data also indicate that 74.2 cents per USD 1,000 spent was fraudulent.

The APCA says the growth in card fraud was driven by card-not-present (CNP) fraud, when card details are stolen and then used to make payments without the card, usually online. CNP fraud increased from USD 323 million to USD 402 million over the 12 month period to 30 June 2016, and accounted for 77 percent of all fraud on Australian cards.

Improved cardholder authentication through one-time passwords and biometrics, reduced exposure of card data through tokenisation, and fraud identification and prevention in real-time are some of the measures mentioned by the association which the industry continues to rollout, in the fight against fraud.

Fraudulent transactions on payment cards are reimbursed by banks as long as the consumer has taken due care. According to APCA, consumers can protect themselves only by providing card details on secure websites and keeping PC security software up to date.

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