Australian Payments Clearing Association (APCA) has released its payment fraud figures for 2012 and found that the total amount of fraud on cheques and payment cards decreased by 10% to $270 million.
On average fraud has dropped from 16.3c to 15.0c in every $1,000 transaction. But within this, cheque fraud is still under 1c in every $1,000 transacted. All payment cards have fallen by 11% to $261 million at a rate of 43.5c in every $1,000 transacted.
Counterfeit and skimming fraud on Australian-issued credit, debit and charge cards that have been used nationally and overseas dropped by 53% in the last year to $27.6 million.
“Chip card technology and extensive use of pins is giving us a real chance to stamp out card skimming,” said Chris Hamilton, CEO of APCA. “This allows the industry to devote more preventative effort to online fraud. Which continues to be a challenge as the Internet becomes an ever larger part of daily life.”
Despite an increase in online retail sales, card-not-present (CNP) frauds that occur mainly online has dropped by 8% to $183 million. It is reported that this decline is due to an increased use of authentication tools such as MasterCard SecureCode and Verified by Visa and assigned fraud prevention tools.
“It is essential that retailers and consumers get smart about online card frauds by taking some simple but powerful security means when on the net,” comments Hamilton.