Call to combat card crimes
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.