Online Credit Card Fraud In Australia Surges

Cyber criminals are becoming increasingly sophisticated about credit card fraud as more consumer payments move online, according to a new report.

The Australian Payments Network, the industry's self-regulatory body, has revealed a significant increase in card fraud, with stolen card details accounting for 78 per cent of fraudulent card transactions.

In its annual fraud data report, the network found "card not present" fraud increased in 2016, netting criminals $417.6 million as fraudsters keep pace with consumers moving online. "Card not present" fraud occurs when a customer's valid card details are stolen and then used to make purchases without the physical card, typically online.

Ghost Terminals

Criminals are also continuing to target unwitting consumers with "ghost terminals" where fake terminals, which are not connected to a payments network, "skim" card details. The report found a 13 per cent increase in card skimming through ghost terminals, and that banks and retailers are constantly exposed to new criminal techniques.

The network's chief executive Leila Fourie told the ABC's AM program that businesses and consumers need to be vigilant, given that online spending is growing faster than traditional "bricks and mortar" retail spending.
"These ghost terminals are a function of globally syndicated fraud units and they're highly sophisticated and able to interact across the internet and online," Ms. Fourie said.

The threat from cyber criminals follows a study by the Australian Reserve Bank released last week showing that card payments have overtaken cash payments for the first time. Ms. Fourie said, while Australia is less exposed because of the adoption of chip and pin technology, banks are in a constant race to counter the criminal use of tools such as algorithms to rip off consumers. "Banks and retailers are certainly keeping up with the criminals," she said. But, unfortunately, crime and fraud is as old as bank robbery and it will always be with us. "It's now about pre-empting and identifying new areas of vulnerability in new technologies."

The report found that in 2016, Australians used cards to spend a record $714.5 billion online, with fraud accounting for $534 million or 0.74 per cent of card transactions.

It found that for every $1,000 spent online with cards fraud swallowed 74.7 cents (up from 66.9 cents in 2015). 
The network concluded that Australia is well advanced in fraud detection, with major investment by the industry in chip, token and customer authentication tools.

ABC

You Might Also Read: 

Six Seconds To Hack A Credit Card:

US Credit Card Fraud Props Up The  Russian Black Market:

Australia Implements Mandatory Data Breach Reporting:

 
« Cloud Portability Is Still Science Fiction
Terrorism, A Sea Change In Tactics »

Infosecurity Europe
CyberSecurity Jobsite
Perimeter 81

Directory of Suppliers

North Infosec Testing (North IT)

North Infosec Testing (North IT)

North IT (North Infosec Testing) are an award-winning provider of web, software, and application penetration testing.

Jooble

Jooble

Jooble is a job search aggregator operating in 71 countries worldwide. We simplify the job search process by displaying active job ads from major job boards and career sites across the internet.

Infosecurity Europe, 3-5 June 2025, ExCel London

Infosecurity Europe, 3-5 June 2025, ExCel London

This year, Infosecurity Europe marks 30 years of bringing the global cybersecurity community together to further our joint mission of Building a Safer Cyber World.

MIRACL

MIRACL

MIRACL provides the world’s only single step Multi-Factor Authentication (MFA) which can replace passwords on 100% of mobiles, desktops or even Smart TVs.

IT Governance

IT Governance

IT Governance is a leading global provider of information security solutions. Download our free guide and find out how ISO 27001 can help protect your organisation's information.

Outpost24

Outpost24

Outpost24 provides easy to deploy and intuitive solutions to continuously identify, remediate and mitigate vulnerabilities in your network.

ComTrue Technologies

ComTrue Technologies

ComTrue Technologies provides artificial intelligence solutions and information security solutions.

EdgeWave

EdgeWave

EdgeWave provides simple but highly effective data security and advanced threat protection in solutions that are affordable, scalable and easy to use.

InnoSec

InnoSec

InnoSec is a software manufacturer of cyber risk management technology.

Prevalent

Prevalent

Prevalent takes the pain out of third-party risk management. Companies use our services to eliminate the security and compliance exposures that come from working with vendors and suppliers.

Raz-Lee Security

Raz-Lee Security

Raz-Lee Security is the leading security solution provider for IBM Power i, otherwise known as iSeries or AS/400 servers.

Nullcon

Nullcon

Nullcon provides an integrated platform for exchanging information on the latest attack vectors, zero-day vulnerabilities and unknown threats.

Mjenzi Cloud

Mjenzi Cloud

Mjenzi Cloud is a provider of cloud IaaS solutions including managed backup services, affordable & secure cloud virtual compute/storage/compute services, bare-metal services and cloud security.

Future Technology Systems Company (FutureTEC)

Future Technology Systems Company (FutureTEC)

FutureTEC is a leading Information Technology Solutions Provider, delivering world-class Information Security, Information Management, and Business Solutions.

UST

UST

UST is a global provider of digital technology and transformation, IT services and solutions including managed security services.

GLIMPS

GLIMPS

GLIMPS-Malware automatically detects malware affecting standard computer systems, manufacturing systems, IOT or automotive domains.

Cyber Security Partners (CSP)

Cyber Security Partners (CSP)

Cyber Security Partners specialise in the provision of Cyber Security Consultancy, Data Protection and Certification and Compliance services.

Nitel

Nitel

Nitel is a leading next-generation technology services provider. We simplify the complex technology challenges of today’s enterprises to create seamless and integrated managed network solutions.

WinMagic

WinMagic

At WinMagic, we’re dedicated to making authentication and encryption solutions that protect data without causing user friction so that everyone can work freely and securely.

Bastazo

Bastazo

Bastazo provides tools for vulnerability and patch management. Focus your cybersecurity operations on vulnerabilities with the highest risk of exploitation.

Device42

Device42

Device42 is a trusted, advanced, and complete full-stack agentless discovery and dependency mapping platform for Hybrid IT.