Australian Payment Fraud 2024 Report

Featuring data and payments fraud trends for calendar year 2023, the Australian Payment Fraud Report 2024 highlights current trends and allows us to measure the success of existing, and develop further, industry mitigants. 

Key findings:

• Payment card fraud rate is up 22 per cent (70.2 cents per $1,000) in calendar year 2023 – the highest rate recorded since 2018.
• Total fraud value increased 32 per cent to $762 million. This increase outpaced the growth in the total value of card transactions, which rose by 8 per cent to $1.1 trillion.
• Card-Not-Present (CNP) fraud accounted for 90 per cent of all card fraud in Australia in 2023.
• CNP fraud grew by 33 per cent to $688 million, on total CNP spending of $320 billion, up 24 per cent on the previous year.
• For the first time since 2017, offshore CNP fraud overtook domestic CNP fraud, with losses in this category increasing by 51 per cent to $362 million. The offshore CNP fraud rate was $10.93 per $1,000 spent, over 10 times higher than the domestic rate of $1.06 per $1,000 spent (down from $1.11 in 2022).

The report also includes data on other fraud types including lost and stolen cards, counterfeit/skimming and cheque fraud.

Source auspaynet.com.au