Australian credit cards fraud on rise with chip technology on its way
18 May 2009
Currently in Australia, 1 in ten thousand credit cards payments are an act of fraud, which equates to 0.01 per cent of all transactions. This includes all transactions performed with credit, charge and debit cards and Australian cheques. In the latest report on the subject from APCA (Australian Payments Clearing Association) it concluded that while the number of debit cards frauds was lower than credit cards fraud, they are all on the rise due to advanced skimming techniques being used.
The total number of fraudulent transactions in 2008 was 446,713 on Australian issued payment instruments with an unknown number of the perpetrators being identified and charges being laid.
To battle these advanced fraud techniques being used, it is expected that the majority of all credit cards and charge card transactions will be chip authenticated within three years, according to the APCA. Chip terminals are already being rolled out with most credit cards already having chip technology imprinted.
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