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Fraudulent transactions on lost or stolen cards are up

Card fraud was up 16 per cent to $304 million in 2013, and the number of transactions on lost or stolen cards rose 26 per cent to $34 million.

The vast majority of the fraud was done online, accounting for $219.7 million, up 20 per cent on 2012, according to the latest figures from payments industry body the Australian Payments Clearing Association.

But since 2010, the number of fraudulent transactions for smaller amounts on lost or stolen cards appears to have jumped dramatically.

The total number of transactions made on Australian lost or stolen cards rose 94 per cent in 2013 to 162,896.

Since November last year, Victoria Police have maintained that data they have compiled shows the explosion in the use of tap and go cards in Australia is to blame for a rise in break-ins and bag snatching to steal contactless cards.

However – after extensive consultation with police – internet security experts, banks and card companies say they don’t agree.


Technology Security Internet fraud

On June 23 2014 at Paris, Île-de-France, France 11 Views





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