Payment Fraud Statistics – Summary of Results

Payment Fraud Statistics – Summary of Results

Free

Company Name : Australian Payments Network

Australian Payments Network has urged Christmas shoppers and retailers against complacency as the latest industry data shows a decline in card fraud.

Description

Data for the 12 months to 30 June 2019 (FY19) showed that in the face of a 4.2% boost in total card spending to $799.4 billion, overall card fraud dropped by 6.9% to $527.8 million.

The drop continues the trend of declining card fraud rates identified in the data for 2018 released in August 2019.

According to the FY19 data, card-not-present (CNP) fraud dropped by 5.0% on the previous FY to $455.5 million as the industry has adopted secure technologies such as tokenisation, EMV 3-D Secure, real time monitoring and machine learning.

CNP fraud occurs when valid card details are stolen and used to make purchases or other payments without the card, typically online, and in FY19 accounted for 86.3% of all fraud on Australian cards.

Australians are not liable for fraud on their cards and will be reimbursed as long as they take due care.

Fraud involving lost or stolen cards fell by 16.1% to $43.0 million in FY19 and counterfeit/skimming fraud fell by 19.2% to $18.6 million, the latter extending a consistent trend since chip technology was progressively rolled-out in the card system over the last decade.

You may also like…

  • The Consumer Spyware Industry

    Free

  • 2019 Payment Security Report

    Free

  • ACS Australia’s Digital Pulse 2019

    Free

Featured Products

  • Crystal Eye UTM Series 10+ Gateway

    Enterprise to SMB/Home Office Solutions - Crystal Eye Series 10 - 200