Data released today from the Australia Payment Network, shows that in the 12 months to 30 June 2017, fraudulent transactions on Australian cards totalled more than $730.1 billion over the 12-month period – up 3.8% and Card fraud increased by 3.1% to $538.2 million.
Within that:
- counterfeit and skimming fraud dropped 34%
- card-not-present fraud increased 10%, now accounting for 82% of all fraud on Australian cards
As chip technology continues to provide strong protection against counterfeit card, fraud is migrating to online channels.
With malware and phishing attacks becoming increasingly sophisticated, we also need to be extremely wary of unsolicited emails and text messages from people we don’t know. Don’t click on the link provided and don’t be tricked into divulging confidential data such as your password
The total fraud on the scheme cards was $516 million.
