Today’s figures for the 12 months to 30 June 2017 reflect the key trends highlighted in Australian Payments Fraud – Jan-Dec 2016 Data released by AusPayNet in August 2017. With chip technology providing strong protection against counterfeit cards, fraud is continuing to migrate to online channels (card-not-present).
Transactions on Australian cards totalled more than $730.1 billion over the 12-month period – up 3.8%. Card fraud increased by 3.1% to $538.2 million:
- Counterfeit/skimming fraud dropped 34%
- Card-not-present fraud increased 10%, now accounting for 82% of all fraud on Australian cards
