According to results released by the Australian Payments Clearing Association (APCA), fraud associated with transactions using credit, debit and charge cards has amounted to USD 278.3 million in 2011, compared with USD 184 million in 2010.
The same source has unveiled that within that total, the biggest growth on fraud has been registered on card-not-present (CNP) transactions, mainly phone, mail or internet transactions, but including also transactions where a retailer agrees to accept card details without the card being presented. Data had shown that CNP fraud has jumped by USD 66.1 million to USD 197.5 million.
Research has also mentioned that fraud on debit cards has decreased USD 7.4 million to USD 13.7 million, while cheque fraud has dropped by more than half, reaching USD 8.2 million. Overall, the value of fraud transactions has increased to USD 300.8 million in 2011 from USD 223.3 million in 2010. However, the findings have also revealed that, the proportion of transactions skimmed by fraudsters in 2011 was still only 0.0162 percent of the value of all payments made using cards or cheques.
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