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Internet card fraud booming

16/12/2011

Payment fraud in Australia jumped 23.2 per cent in the year to June, according to the Australian Payments Clearing Association, with internet and phone payments being the fraud hotspot. The total value of fraudulent transactions involving cheques and cards in the 2010/11 financial year was A$232.4 million.

Hamilton said: "We need Australians to know that the tools to help protect against fraud are readily available today. If you are a retailer selling online or a consumer shopping online, you need to be using these tools."

In areas where chip technology has been deployed, such as in point-of-sale terminals, there has been a drop in fraud numbers. Counterfeit and skimming fraud perpetrated in Australia on overseas-issued cards dropped by 34 per cent.

Source: Banking Day



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