Feeds

Online retail drives card fraud in Oz

Reach for the cheque-book

Using blade systems to cut costs and sharpen efficiencies

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. ®

The smart choice: opportunity from uncertainty

More from The Register

next story
NEW, SINISTER web tracking tech fingerprints your computer by making it draw
Have you been on YouPorn lately, perhaps? White House website?
HIDDEN packet sniffer spy tech in MILLIONS of iPhones, iPads – expert
Don't panic though – Apple's backdoor is not wide open to all, guru tells us
LibreSSL RNG bug fix: What's all the forking fuss about, ask devs
Blow to bit-spitter 'tis but a flesh wound, claim team
Black Hat anti-Tor talk smashed by lawyers' wrecking ball
Unmasking hidden users is too hot for Carnegie-Mellon
Manic malware Mayhem spreads through Linux, FreeBSD web servers
And how Google could cripple infection rate in a second
Don't look, Snowden: Security biz chases Tails with zero-day flaws alert
Exodus vows not to sell secrets of whistleblower's favorite OS
Own a Cisco modem or wireless gateway? It might be owned by someone else, too
Remote code exec in HTTP server hands kit to bad guys
prev story

Whitepapers

Seven Steps to Software Security
Seven practical steps you can begin to take today to secure your applications and prevent the damages a successful cyber-attack can cause.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Build a business case: developing custom apps
Learn how to maximize the value of custom applications by accelerating and simplifying their development.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.