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Connexus : Issue 41
Improved secur ity standards, detection systems and transaction ver ification are slowing the escalation of credit and debit card fraud of the ‘card not present’ type. However, industry players say there is still work to be done and continued vigilance is needed. The mutual sector has invested significant resources in preventing CNP fraud, the term given to the practice by criminals of illegally accessing card information and using it to make purchases on the internet, by mail or over the phone. Increases in CNP fraud have reflected consumers’ growing interest in shopping online and more retailers setting up an online presence. In 2011 CNP fraud accounted for 71 per cent of fraud perpetrated in Australia and overseas on locally issued cards, says the Australian Payments Clearing Association. In value terms, it amounted to $197.5 million out of $278.3 million. “We are at a significant turning point,” says Rob Crawford, senior analyst, fraud and financial crimes, at Abacus. “As the implementation of improved monitor ing systems, authentication processes and merchant security accelerates, we are seeing CNP fraud begin to decline. “ This trend will continue as adoption of these measures spreads and the milestones of card scheme mandates on payment application and data storage security draw closer.” play your cards right The tide is starting to turn against ‘card not present’ fraud. By MArgAreT JAkovAC Online fraudsters scan the web searching for weaknesses at online merchants ... Rob Crawford, Senior Analyst, Fraud and Financial Crimes, Abacus Ian McKindley, Visa’s director of country risk management for Australia and New Zealand, says the industry- wide initiatives are bringing results, with “anecdotally, better than a 20 per cent reduction in CNP fraud across the industry this year”. Closing the doors Fraudsters attack where a system is vulnerable, says Crawford. “Online fraudsters scan the web searching for weaknesses at online merchants or other entities involved in transaction processing,” he says. “If they gain access, they harvest as much data as possible before being detected and sell it through 20 Connexus NEWS