Feeds

Online retail drives card fraud in Oz

Reach for the cheque-book

Remote control for virtualized desktops

OK, so nobody uses cheques any more: as a result, fraud based on the venerable paper slip with a signature is now well-and-truly eclipsed by online credit card fraud, according to the Australian Payments Clearing Association.

The APCA has released its latest survey of payment fraud, in which it reports that “card not present” (CNP - online, via phone or mail) fraud is the dominant rip-off, now representing 96 cents in every $AU1,000 worth of transactions, compared to just 0.7 cents per $AU1,000 for cheque fraud.

CNP fraud now represents 71 percent of total fraud committed against Australian-issued cards, and – in a challenge for law enforcement – more than half of that fraud is committed offshore, the association says.

Australia seems to be getting better at tackling card skimming, however, with point-of-sale (POS) and ATM fraud falling by nearly 38 percent, from 7.9 cents per $AU1,000 of transactions to 4.9 cents. Debit card fraud in the same category fell by nearly half, from 2.5 cents to 1.3 cents per $AU1,000, reflecting the growing popularity of chip cards in Australia.

The APCA report states that the total value of fraudulent card-not-present transactions passed $AU278 million in Australia by December 2011, a rise of more than 51 percent.

Fraudulent transactions remain, however, a relatively small proportion of the total of total business. The million-plus fraudulent CNP transactions recorded by the APCA represented just 0.0517 percent of total transactions in 2011. ®

Intelligent flash storage arrays

More from The Register

next story
Webcam hacker pervs in MASS HOME INVASION
You thought you were all alone? Nope – change your password, says ICO
You really need to do some tech support for Aunty Agnes
Free anti-virus software, expires, stops updating and p0wns the world
USB coding anarchy: Consider all sticks licked
Thumb drive design ruled by almighty buck
Attack reveals 81 percent of Tor users but admins call for calm
Cisco Netflow a handy tool for cheapskate attackers
Privacy bods offer GOV SPY VICTIMS a FREE SPYWARE SNIFFER
Looks for gov malware that evades most antivirus
Patch NOW! Microsoft slings emergency bug fix at Windows admins
Vulnerability promotes lusers to domain overlords ... oops
prev story

Whitepapers

Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Choosing a cloud hosting partner with confidence
Download Choosing a Cloud Hosting Provider with Confidence to learn more about cloud computing - the new opportunities and new security challenges.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.