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”.
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