Credit card fraud increased by almost 30 percent in the year to June, driven by a rise in fraudulent use of credit cards on the internet, figures from the Australian Payments Clearing Association (APCA) reveal.
Australia’s total rate of fraud on cheques, credit and debit cards rose from seven cents in every $1,000 of payments to nine cents, an increase of almost 30 percent.
The increase in Australia’s credit card and charge card fraud was driven by fraud where the card was not present, and mostly for transactions over the internet, APAC found.
APCA CEO Chris Hamilton said card-not-present (CNP) fraud was growing and it was important to tackle it early.
“We encourage consumers to register for fraud protection services when shopping online and activate these additional security controls when prompted,” he said.
He said that many financial institutions are now working with online retailers to implement additional security measures such as MasterCard SecureCode and Verified by Visa.
“Participation of all parties in these scheme measures is the key to maximising fraud prevention,” he said.
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