Call to com­bat card crimes

Townsville Bulletin - - NEWS -

BUSI­NESSES are be­ing urged to in­crease pro­tec­tion, with 78 per cent of card fraud oc­cur­ring on­line, a new re­port has found.

The Aus­tralian Pay­ments Net­work high­lights the sig­nif­i­cant in­crease in card- not­p­re­sent ( CNP) fraud, which oc­curs when valid card de­tails are stolen and then used to make pur­chases with­out the ac­tual card. In 2016, CNP fraud ac­counted for 78 per cent of to­tal card fraud, leav­ing crim­i­nals to pocket $ 417.6 mil­lion, up from $ 363 mil­lion in 2015, the re­port said.

It found Aus­tralians used their cards to make a record $ 714.5 bil­lion worth of trans­ac­tions — and fraud ac­counted for $ 534 mil­lion of it.

AusPayNet chief ex­ec­u­tive Leila Fourie said it was im­por­tant for mer­chants to use fraud pre­ven­tion tools.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.