Credit and debit card fraud hits $183 million

By Mozo ·

Consumers looking to compare credit cards and debit cards could be among those interested in recently-published figures regarding fraud.

According to a new report from the Australian Payments Clearing Association, the fraud increased to $183 million from $167 million in the previous year, The Australian reported.

The figure equates to 35 cents in every $1,000 worth of transactions, up from 33 cents.

However, despite the headline figure, the organisation claimed that the amount is comparatively low by global standards.

Credit and debit card users could be encouraged to be more careful with their cards after the data showed that counterfeit card use and skimmed information accounted for $22 million from 70,000 separate incidents.

The research also shows that the fraudulent activity is increasingly being carried out from abroad, with $95 million being accounted for overseas, up from $84.5 million the previous year.

By way of contrast, local fraud reduced from $64 million to $60.5 million.

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