Credit Card Fraud Hits $476 Million
Online payments fraud via use of Australian credit cards hit $476 million in the 2017 calendar year, according to new figures produced by the Australian Payments Network.
And that was just the fraud that the card companies currently know about. A similar or perhaps larger amount of so far undetected or unreported fraud is likely to exist, industry watchers say.
According to the Australian Payments Network, online fraud on cards now accounts for 85 percent of local card fraud volume, up from something like 78 percent in 2016.
In fact online fraud using Mastercard or Visa credit and scheme debit cards is said to account for almost all payments fraud in Australia.
So-called “card not present” fraud, or CNP, was up 13.9 percent, though most other fraud types were down in 2017, the figures indicate.