Whilst cheque fraud dropped, scheme credit, debit and charge card fraud (signature-permitted debit, credit and charge cards and card-not-present (CNP) transactions) increased from 58.9 cents to 74.3 cents in every $1,000 transacted. The incidence of fraud on these cards increased from 34.6 to 41.9 in every 100,000 transactions.
CNP fraud is increasing. CNP is where the consumer is not face-to-face with the retailer – shopping online, by mail or by phone.
The figures show that CNP now accounts for 71% of fraud value on Australian-issued scheme credit, debit and charge cards, of which more than half occurs overseas.