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New data released by the payments industry self-regulatory body, Australian Payments Network (AusPayNet), has shown a slight increase in online card fraud in 2020.
AusPayNet’s latest payments fraud report shows that the overall spend on Australian cards was down by 2.2% to AUD 801.7 billion, the first drop recorded. The overall value of card fraud increased by 0.6% to AUD 467.6 million, following a 19.5% drop in 2019. Australians are not liable for fraud on their cards and will be reimbursed if they take due care.
Card-not-present (CNP) fraud, mainly affecting online card transactions, increased by 3.8% to AUD 418.9 million, alongside a surge in online spending driven by lockdowns and other restrictions during the pandemic. The NAB Online Retail Sales Index estimates that online retail spending grew by 44% in 2020.
The value of other types of card fraud fell to new lows: lost-and-stolen card fraud declined by 25% to AUD 26.3 million, the lowest recorded since 2012, while counterfeit/skimming fraud slumped by 34% to AUD 11.1 million, a record low. AusPayNet CEO Andy White said the industry remained vigilant as ecommerce volumes grew strongly during 2020
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