August 3 2017
Online credit card fraud has soared with dodgy transactions soaring to $417.6 million in 2016. The alarming figure highlighted by the Australian Payments Network reveals online credit card fraud has doubled in the space of just six years. The 2016 Australian Payments Fraud Data Report also found fraudsters are following consumers online with card-not-present fraud accounting for 78 per cent of dodgy transactions with a correlating increase in card-not-present fraud. In 2016, Australians transacted a record $714.5 billion on their cards with fraud accounting for $534 million of this total.