Displaying items by tag: Card fraud

GUEST OPINION: It's May 2020 and a large electronic goods retailer realises its bot problem is going from bad to worse.

Michel van Aalten, Adyen country manager ANZ

According to the Australian Payments Network, payment fraud on Australian credit cards hit $476 million in 2017, surging from $218.1 million in 2016. As of 2018, online card fraud now accounts for 85 per cent of all card fraud in Australia.

Retailers worldwide are set to lose some US$130 billion in digital CNP (Card-not-Present) fraud between 2018 and 2023, according to a new report highlighting the use of increasingly complex approaches by fraudsters.

Merchant EFTPOS payments provider Tyro says the move this year to mandatory PIN codes instead of signatures on credit and debit card purchases will better protect consumers and help stamp out card theft and skimming.