Online credit card fraud is on the rise in Australia, but pointing the finger at any one group won’t help. It’s an ecosystem problem: from the popularity of online shopping, to the insecure sites that process our transactions, and the banks themselves. A recent report from the Australian Payments Network found that:
- the overall amount of fraud on Australian cards increased from A$461 million in 2015 to A$534 million in 2016
- “card not present” fraud increased to A$417.6 million in 2016, up from A$363 million in 2015
- 78% of all fraud on Australian cards in 2016 was “card not present” fraud.
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