View all newsletters
Receive our newsletter – data, insights and analysis delivered to you
  1. News
December 22, 2009updated 04 Apr 2017 4:17pm

Australian payment fraud rising

Across all four payment instruments, APCA reported that compared with the 2007-08 12 month period fraud increased by almost A$0.02 ($0.018) for every A$1,000 transacted, from A$0.0722 to A$0.0898 in every A$1,000.

By EPI editorial

In keeping with worldwide experience, Australia is experiencing an increase in the incidence of payments fraud, reports the Australian Payments Clearing Association (APCA). The industry body’s findings are based on fraud data for cheques, debit cards credit cards and charge cards for the 12 months to 30 June 2009.

Across all four payment instruments, APCA reported that compared with the 2007-08 12 month period fraud increased by almost A$0.02 ($0.018) for every A$1,000 transacted, from A$0.0722 to A$0.0898 in every A$1,000.

Of the individual payments means, cheques remained the least impacted with cheque fraud remaining steady at A$0.009 in every $1,000 transacted and an unchanged 0.4 transactions in every 100,000 transactions. The total value of cheque transactions during the 12 months was A$1.503 trillion, down 14.8 percent from A$1.765 trillion in the previous 12 months.

Combined debit, credit and charge card fraud increased by A$0.01 (3.1 percent) in every A$1,000 to A$0.33, a level which APCA stressed is low by global standards. For example, the UK’s card fraud rate is the equivalent of about A$1 in every A$1,000 transacted, or three times higher than Australia’s payment card fraud rate.

Credit and charge card fraud displayed the smallest deterioration, rising 2.5 percent from A$0.515 to A$0.528 in every A$1,000 transacted.

The incidence of credit and charge card fraud rose at a considerably higher 18.9 percent, from 20.6 transactions to 24.5 transactions in every 100,000 transactions.

The total value of credit and charge card transactions increased by 6.6 percent compared with the previous 12 month period to A$279.86 billion, while the total value of credit and charge card fraud transactions, A$147.81 million, represented 82 percent of total fraudulent transactions of A$180.23 million.

The biggest increase in fraud was experienced in the debit card sector, with losses sustained at ATMs and electronic POS rising 15.6 percent from A$0.0739 to A$0.0854 in every $1,000 transacted. The incidence of debit card fraud fell slightly from 2.2 transactions to 2.1 transactions in every 100,000 transactions while the total value of debit card fraud was A$19.15 million.

The APCA attributed the increase in debit card fraud rate primarily to the skimming attacks at ATMs and POS devices. The total value of debit card transactions was A$224.14 billion, up 6.8 percent compared with the previous 12 month period.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Electronic Payments International