The Australian Payments Clearing Association (APCA) has released payments fraud statistics across all financial institutions, finding that the total value of check and payment card fraud in Australia for 2011 year had increased 11.4 cents to 16.2 cents in every $1,0000 transacted.

 

Comparing each of the major categories of fraud for calendar years 2010 and 2011 finds:

 

  • Cheque fraud fell from 1.3 cents to 0.7 of a cent in every $1,000 transacted.  The incidence of cheque fraud remained low at less than 1 in every 300,000 transactions.
  • Proprietary debit card fraud (PIN-only cards – POS and ATM transactions) fell from 7.9cents to 4.9 cents in every $1,000 transacted.  The incidence of debit card fraud dropped from 2.5 to 1.3 in every 100,000 transactions.
  • Scheme credit, debit and charge card fraud (signature-permitted debit, credit and charge cards and card-not-present (CNP) transactions) increased from 67.2 cents to 96.0 cents in every $1,000 transacted.  The incidence of fraud on these cards increased from 38.4 to 51.7in every 100,000 transactions.

 

APCA found that skimming levels has fallen to below 2009 levels, reflecting the continued hard work by the industry and law enforcement to prevent and respond quickly to such fraud.

 

However, the APCA has remained concerned about the ongoing increase in CNP fraud, which now accounts for 71 per cent of fraud on Australian-issued scheme credit, debit and charge cards.

 

“Tackling CNP fraud requires effort from everyone, from the retailer, through financial institutions and card schemes, and in the end from the consumer,” said APCA CEO Chris Hamilton.  “We need Australians to know that tools to help protect against CNP fraud are readily available today.  If you are a retailer selling online or a consumer shopping online, you need to be using these tools as well as other practical measures to stay safe online.”

 

“Getting online provides great benefits for retailers and consumers. The borderless market of the digital economy means a larger customer base for retailers and more choice and great prices for Australian consumers.  However, as retailers and consumers move online, they need to be aware and take the appropriate measures to protect themselves against the risks,” said Mr Hamilton.

 

APCA’s fraud data collection is available at www.apca.com.au

 

More information on staying safe online is available at www.staysmartonline.gov.au