Feeds

Online retail drives card fraud in Oz

Reach for the cheque-book

Reducing security risks from open source software

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. ®

Mobile application security vulnerability report

More from The Register

next story
LibreSSL RNG bug fix: What's all the forking fuss about, ask devs
Blow to bit-spitter 'tis but a flesh wound, claim team
Microsoft: You NEED bad passwords and should re-use them a lot
Dirty QWERTY a perfect P@ssword1 for garbage websites
Manic malware Mayhem spreads through Linux, FreeBSD web servers
And how Google could cripple infection rate in a second
NUDE SNAPS AGENCY: NSA bods love 'showing off your saucy selfies'
Swapping other people's sexts is a fringe benefit, says Snowden
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
British data cops: We need greater powers and more money
You want data butt kicking, we need bigger boots - ICO
Crooks fling banking Trojan at Japanese smut site fans
Wait - they're doing online banking with an unpatched Windows PC?
NIST told to grow a pair and kick NSA to the curb
Lrn2crypto, oversight panel tells US govt's algorithm bods
prev story

Whitepapers

Top three mobile application threats
Prevent sensitive data leakage over insecure channels or stolen mobile devices.
The Essential Guide to IT Transformation
ServiceNow discusses three IT transformations that can help CIO's automate IT services to transform IT and the enterprise.
Mobile application security vulnerability report
The alarming realities regarding the sheer number of applications vulnerable to attack, and the most common and easily addressable vulnerability errors.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
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.