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December 17, 2013

Online shopping fraud is 71% of credit card fraud in Australia

Online shopping has been revealed as one of the sectors most exposed to fraud in Australia, with almost AU$200m ($178m) has lost to online credit card fraud in 2013.

By Angelo Boccato

Online shopping has been revealed as one of the sectors most exposed to fraud in Australia, with almost AU$200m ($178m) has lost to online credit card fraud in 2013.

 

The total cost of credit card fraud was $280m, making online card fraud 71% of all credit card fraud. Fraud using stolen or lost Australian issued cards overseas reached the sum of $9.6m, while the sum reached by local criminals was $20.8m

 

Australian Bankers Association chief executive Steven Munchenberg said: "More and more customers are shopping online to get those last minutes gifts because it’s convenient, provides choice and it’s easy to compare prices.

 

"But it’s very important that you buy from trusted web retailers and you think carefully before providing your personal information".

 

Munchenberg added that bank customers were protected if the transaction was proven to be fraud but it was vital for the customers to protect their credit cards.

 

Under anti-fraud measures introduced in 2011, Ria group, a money transfer provider with 650 outlets in Australia, was fined AU$225,600 on 17 December 2013 for failing to properly register some of its business.

 

Ria was fined under money laundering and counter terrorism legislation.

 

Related articles:

UK consumers happy with mobile shopping despite security concerns: Tripwire survey

Sales of gift cards to surpass $118bn in US: CEB TowerGroup study

Americans credit card holders remain loyal: CardRatings.com survey

 

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