Card Fraud Costs Aust $2.1 Billion
Australia experienced credit card fraud of $2.1 billion during 2014-15, double the $1 billion in 2010-11, according to new Australian Bureau of Statistics (ABS) figures.
William Milne, director of the ABS National Centre for Crime and Justice Statistics, said that, even after reimbursements from financial institutions, total out-of-pocket losses at the time of the survey added up to $84.8 million.
In 2014-15, just over one million people experienced card fraud, compared with 662,300 in 2010-11.
“More broadly, 1.6 million Australians (8.5 percent of the population) experienced some form of personal fraud (card fraud, identity theft or scams to which they responded), the highest since the survey was first conducted in 2007,” said Milne.
The most common fraud type was card fraud, with an estimated 1.1 million people (or 5.9 percent of the population aged 15 and over) experiencing this.