Payment Fraud Still On The Rise In Australia

Of every $1,000 made in payments in Australia, 8.2 cents is fraudulent. That might sound like a small number (and it is by global standards), but it's up from 6.2 cents the previous year, and neither scenario is very pleasing if it's your money that happens to have been misappropriated.

Picture by andresrueda

The 2008 figures (the newest available) from APCA also show that the biggest increase is in credit card fraud, which rose from 44.7 cents in every $1,000 to 53.2 cents, according to a handy analysis at thoughstream. It seems reasonable to assume that Net-related fraud is a big factor in that increase.

To minimise the risk of falling victim to fraud, make sure your PC is fully secured. Banks are also trying to combat fraud with technologies such as chip-based credit cards which require PIN codes and the use of Mastercard SecureCode and Verified by Visa, though in my experience both are so hopelessly implemented on many sites as to be unusable most of the time.

ACPA Fraud Summary [via thoughtstream]


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