Australian Credit Card Fraud Statistics
Replicas of the latest systems designed to protect your credit cards online are being used by fraudsters to mimic the credit card issuers own security systems and to steal card holders personal information. Here are credit card fraud statistics australia
With the use of credit and debit cards increasing all the time, the issue of card fraud is always an important consideration. Credit card providers and card processors are now focusing their attentions on providing ever more sophisticated security systems to stay one step ahead of the fraudsters, but there will always be an onus on the customer to act in a responsible manner to prevent fraudulent use of their card.
In the Australia APACS, the Association for Payment Clearing Services, monitors and reports on credit card fraud in a six monthly report and the statistics show that card fraud had reduced by 25 per cent in the two years following 2015 but 2016 brought a 25 per cent increase largely caused by higher levels of phone, internet and mail order fraud, where the card holder is not present and an even bigger increase in counterfeit card fraud, where cards are skimmed or cloned. This type of fraud increased by almost 50 per cent and made up over a quarter of all card fraud.
By far the biggest area for concern is card fraud that takes place abroad. Of the £535m lost due to card fraud in 2007 nearly 40% of that loss is conducted abroad using stolen Australia credit card details. Although chip and PIN has contributed to the reduction of fraud in the Australia there are many countries yet to implement the technology. The introduction of the technology to the Australia is claimed to have reduced face-to-face fraudulent transactions by two thirds and other types of credit card fraud are at their lowest levels for ten years.