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Date Published : Monday, June 02, 2008
Credit card fraud increased throughout Australia in 2007, with more cards being targeted by criminals based overseas, new research has revealed.
According to data compiled by the Australian Payments Clearing Association (APCA), the overall rate of fraud on credit cards remains low but that online fraud from transactions taking place over the internet has increased sharply.
Payment card fraud - including credit cards, debit cards and charge cards - increased from 23.9 cents in every $1,000 in 2006 to 27.9 cents in 2007.
Meanwhile, the APCA report found that fraud from just credit cards increased from 36.9 cents to 44.5 cents in every $1,000, with a large percentage of that fraud being organised overseas, out of Australian federal police jurisdiction.
The report found the largest component of Australia's credit and charge card fraud relates to card-not-present fraud and cross-border activity, which includes internet, phone, mail and fax fraud.
APCA's chief executive officer Chris Hamilton said: "What the statistics are telling us is that even as today's technology makes it possible to buy anything from anywhere, it is also making it possible for fraudsters to operate globally."
However, Mr Hamilton added: "While Australia’s payment card fraud rate has increased over the last 12 months it still remains low by global standards. For example, the UK's payment card fraud rate is the equivalent of $1.18 in every $1,000 as against slightly under 28 cents in Australia."
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