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News

Australia: Cheque and card fraud on its way up in 2011

Thursday 15 December 2011 14:37 CET | News

Fraud attacks associated with credit cards continue to be an issue for consumers, but debit card and cheque fraud has diminished. Still, in 2011, total fraud, including cheque and payment cards, has grown from 9.9 cents to 12.2 cents for every USD 1000 transacted, according to a research released by Australian Payments Clearing Association (APCA).

According to the source, fraud attacks against cheques have decreased in 2011 from 1.1 cents to 0.9 cents for every USD 1000 issued. Additionally, debit card fraud has also diminished from 10.7 cents to 4.1 cents for every USD 1000 transacted.

The data has also indicated that credit and charge card fraud jumped from 58.9 cents to 74.3 cents for every USD 1000 transacted, accounting for 41.9 frauds for every 100.000 transactions.

APCA has also mentioned that counterfeit and skimming fraud is expected to decrease by 2013, due to chip-enabled cards.
 


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Keywords: cards, fraud attacks, payments
Categories: Payments & Commerce
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Countries: World
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