Vigilance helps stem credit fraud
Increased spending by banks, credit card companies and government agencies to combat fraud last year appears to have paid off. Losses from credit card fraud dipped 8 per cent to $92 million. The losses now account for 0.1 per cent of total card spending in Australia, according to Datamonitor. In 2002, credit card fraud losses leapt 40 per cent to over $100 million, sparking increased industry activity in consumer education. A fraud task force was also set up. A Visa spokesman said that although good progress has been made there's still a need for vigilance and that fraudsters will become more sophisticated, creating ongoing challenges.