On August 22, 2018, the Australian Payments Network (AusPayNet) announced the launch of a public consultation in relation to the proposed card-not-present (CNP) mitigation framework, following the findings of its report called “Australian Payment Card Fraud 2018”, which was released at the same time.
According to the report, online card fraud “occurs when valid card details are stolen and used to make purchases or other payments without the card, typically online or by phone” and currently accounts for 84.8 percent of all fraud on Australian cards. The total value of fraudulent card transactions amounted to $476.3m in 2017.
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