Australian Payments Industry Self-Regulates Online SCA To Tackle Fraud

The Australian payments industry is on the cusp of rolling out a self-regulatory framework to “solve” spiralling card-not-present (CNP) fraud by establishing a risk-based approach to strong customer authentication (SCA).

The country’s adoption of EMV technical standards has significantly curtailed offences such as skimming and card counterfeiting, causing physical payment card fraud to tumble by half in 2017. But CNP fraud rose by 13.9 percent and now accounts for 85 percent of payment card fraud.

After a year-long development process involving payments and e-commerce market participants, the Australian Payments Network (AusPayNet) will incorporate a new CNP framework into its rules “shortly”.  

To continue reading...

Our Key Benefits

PaymentsCompliance is a premium information service for compliance, legal and regulatory professionals. Our award-winning regulatory monitoring platform is used by many of the world's leading payment services providers and e-money institutions, regulators, challenger banks, fintechs and law firms.

We keep our clients informed of critical regulatory change and help them understand, with in-depth analysis, when change is coming and the implications for their organisation.

We provide our clients with a quantifiable and significant ROI by reducing the amount of time and money spent monitoring and analysing regulatory environments in multiple jurisdictions.