Credit card fraud on the rise

By Mozo ·

Credit card and debit card rose significantly over the course of last year, the Australian Payments Clearing Association (APCA) has claimed.

According to the group, fraud accounted for 8.2 cents of every $1,000 spent using both cheque and payment cards, with credit card fraud accounting for 53.2 cents.

However, debit card fraud was seen to have decreased over the course of 2008, falling from 7.2 cents in every $1,000 spent to 6.6 cents.

APCA chief exec Chris Hamilton said that the industry was continuing to make ground in credit card and debit card fraud with new technologies and policies.

"The challenge is that as defences are improved in certain areas, there is an inevitable shift by criminals seeking new opportunities for fraud," he added.

In November last year, the organisation introduced new measures to make it easier for credit card and debit card customers to switch over to a new account.

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