SecurityBrief Australia logo
Australia's leading source of cybersecurity and cyber-attack news
Story image

Online credit card fraud on the rise leading up to holiday season

By Mitchell Hageman
Thu 16 Dec 2021

Analysis from AusPayNet serves as a reminder for consumers and merchants to be vigilant online this holiday season, with research indicating a significant increase in credit card fraud.

The new data shows a 9.2% rise in fraud on payment card transactions in the 12 months to 30 June 2021 (FY21) alongside increased online spending during COVID-19 lockdowns.

Overall, the total spending on cards rose 5.4% to $847.3 billion during this same period, with the fraud rate being 57.8 cents per AUD$1,000 spent.

Card-not-present (CNP) fraud, which mainly occurred via online transactions, rose 12.3% to $442.0 million, notably due to a spike in online commerce during COVID-19 lockdowns in various parts of the country. CNP fraud accounted for 90% of all fraud on Australian cards, signaling it as one of the most effective entry points for scammers.

While digital and cyber fraud with cards increased, physical card fraud saw a decline.
Lost-and-stolen card fraud dropped 9.2% to $28.0 million, and counterfeit/skimming fraud fell 37.3% to $8.9 million.

This highlights the increasing downwards trend shown in data, as criminals look to the internet to find card targets.

AusPayNet CEO Andy White says rising eCommerce volumes underscored the need for industry coordination to target the activities of fraudsters.

"Online transactions continue to grow strongly and inevitably this attracts the attention of organised fraud groups. Industry-wide efforts to mitigate CNP fraud will remain critical, but we all need to remain vigilant when transacting online."

White says the industry's new CNP Fraud Mitigation Framework is slowly showing its effects, but the full effects are still to come.

"We expect to see the full benefit of the CNP framework as we emerge from the pandemic."

The framework encourages businesses to utilise secure technologies such as real-time monitoring, machine learning and tokenisation, to prevent consumers and companies from getting caught out. Merchants who consistently exceed agreed fraud threshold targets are required to introduce strong customer authentication.

Release of the latest payments fraud data comes soon after AusPayNet's Economic Crime Forum (ECF). This new initiative is the successor to the Fraud in Banking Forum, and brings together industry stakeholders to coordinate joint responses to economic crime, including scams, fraud, financial crime on and offline.

White says he and his team are prepared to tackle the challenges ahead and look out for consumers as shopping climates start to re-open.

"Alongside our focus on CNP fraud, last month we launched our scams strategy. Over the coming year we look forward to working with industry to reduce the impact of scams on vulnerable businesses and individuals."

AusPayNet suggests some simple ways consumers and merchants can keep themselves safe from card fraud.

For consumers:

  • Only provide card details on secure and trusted websites. Try looking for the locked padlock icon.
  • Treat unsolicited emails and text messages from unknown people with caution.
  • Regularly check statements and immediately report any unusual transactions to a financial institution.
  • Use and register for financial institutions' online fraud prevention solutions whenever prompted.
  • Undertake checks to ensure the online business being used is legitimate.
  • Always keep PC security software up-to-date and do full scans regularly.

For merchants:

  • Use tools that help authenticate customers.
  • Investing in tokenisation also helps prevent card fraud. 

The company also suggests regularly speaking to acquirer and gateway providers about ways to secure a business.

Related stories
Top stories
Story image
Cybersecurity
‘Windows shops’ target admin rights to de-risk their environments
New data shows up to 75% of critical vulnerabilities could be mitigated through a rights and privileges crackdown
Story image
Microsoft
8x more users attacked via old Microsoft Office vulnerability in Q2
"Criminals craft malicious documents and convince their victims to open them through social engineering techniques."
Story image
Cloud Security
Lookout named Strong Performer in 2022 Gartner Peer Insights
Gartner has recognised Lookout as a Strong Performer in the 2022 Gartner Peer Insights Voice of the Customer for Security Service Edge (SSE).
Story image
Gartner
Fortinet attributes Gartner-reported growth to ZTNA approach
Zero-trust is slowly becoming a dominant enterprise security strategy for businesses, and the Gartner report highlights that although prominent, it is often underutilised.
Story image
Cybersecurity
Study looks at gender dimensions of AU security sector
A new study will explore solutions to overcome pressing skills and diversity challenges in the Australian security sector.
Story image
Cybersecurity
Claroty research unveils new attack that targets PLCs
Claroty has released research detailing a new type of cyber-attack, one that weaponises programmable logic controllers (PLCs).
Story image
Artificial Intelligence
Concentric AI protects sensitive data with new capabilities
The new capability reveals sensitive data shared across email and business messaging platforms and highlights who has inappropriate access to content.
Story image
Ransomware
Sophos reveals latest ransomware trend impacting orgs
Sophos has announced in a new whitepaper that Hive, LockBit and BlackCat, three prominent ransomware gangs, consecutively attacked the same network.
Story image
Gartner Magic Quadrant
Gartner names Lookout a Visionary in 2022 Magic Quadrant
Gartner has recognised Lookout as a Visionary in the 2022 Magic Quadrant for Security Service Edge (SSE) and one of the top three offerings in the 2022 Gartner Critical Capabilities for SSE report.
Story image
Data Protection
Zero Trust, but verify - finding the OT in ZerO Trust
The move to remote and cloud-based technologies has shifted the goalposts for cybersecurity. It now needs to cover multiple people, devices, platforms, and networks.
Story image
Privileged Access Management / PAM
The importance of stopping identity sprawl for cybersecurity
The 2021 Data Breach Investigations Report (DBIR) shows that 61% of all breaches involve malicious actors gaining unauthorised, privileged access to data by using a compromised credential. Unfortunately, it is often too late when the misuse of a credential is detected.
Story image
Cybersecurity
Datacom research explores reality of zero trust in A/NZ
Zero trust is fast emerging as global best practice in cybersecurity and local leaders are on board, with 83% considering it essential to security.
Story image
Gaming
Attacks on gaming companies more than double over past year
The State of the Internet report shows gaming companies and gamer accounts are at risk, following a surge in web application attacks post pandemic.
Story image
Cyber attacks
Dramatic uptick in threat activity with exploits growing nearly 150%
"While it’s not a surprise given increased attack opportunities like remote work, it’s still a worrying development and one we cannot ignore."
Story image
Mobiles
Demand grows for future-proof mobile access solutions
HID Global, in partnership with IFSEC Global, recently released the 2022 State of Physical Access Control report for the fourth year running.
Story image
Microsoft
Microsoft, NSW partnership to accelerate digital transformation
The renewed partnership is designed to maximise the value of Microsoft solutions to various NSW Government agencies.
Story image
Government
Mandiant researchers uncover significant new disinformation campaign
Researchers from Mandiant say they have uncovered a significant disinformation campaign from the Chinese Government in the wake of U.S. Speaker Nancy Pelosi's visit to Taiwan.
Story image
Cloud Security
Tenable makes additions to Cloud Security portfolio
Tenable has announced additions to Tenable Cloud Security that represent the next step in assessing threats related to cloud vulnerabilities.
Story image
Cybersecurity
Education sector seeing highest volumes of cyber attacks
When breaking down the numbers to education attacks by region in July 2022, A/NZ was the most heavily attacked.
Story image
Email scams
HelpSystems shines light on impact of response-based threats
Response-based attacks targeting corporate inboxes have climbed to their highest volume since 2020, representing 41% of all email-based scams.
Story image
Cybersecurity
Australian IT security concerns higher than before pandemic
Australian organisations are more concerned about cyberattacks than they were prior to the COVID-19 pandemic, according to a new survey.
Story image
Data Protection
Safeguarding your financial data
As the digital revolution marches on, managing data security has never been more important. Here are five important steps to take toward better financial data security.
Story image
ExtraHop
Organisations exposing highly sensitive protocols to public internet
More than 60% of organisations expose remote control protocol SSH to the public internet, while 36% of organisations expose the insecure FTP protocol.
Story image
Dark web
Beware the darkverse and its cyber-physical threats
A darkverse of criminality hidden from law enforcement could quickly evolve to fuel a new industry of metaverse-related cybercrime.
Story image
consumers
Data protection: How SMEs can secure online consumers’ trust
Consumers believe how a company treats their data reflects how they treat their customers, according to a new survey.
Story image
Malware
Kaspersky uncovers new attacks by advanced persistent threat group
The attacks involved modifications of the well-known malware, DTrack, as well as the use of a brand-new Maui ransomware.
Story image
Network Management
Superloop helping Aussie K12 schools with latest offering
Superloop has launched CyberEdge, a new cybersecurity platform that will give K12 schools in Australia the tools to optimise, secure and manage their network.
Story image
University of Melbourne
The University of Melbourne implements data ecosystem with Talend
Talend has announced that The University of Melbourne (UoM) has selected Talend Data Fabric for its cloud data platform.
Story image
VMware
Latest VMware threat report reveals truth about deepfakes
"Cyber criminals have evolved. Their new goal is to use deepfake technology to compromise organisations and gain access to their environment."
Story image
Remote Working
Cybersecurity concerns higher than before the pandemic - report
BeyondTrust's new survey shows Australian organisations are more concerned about cyberattacks than they were before the COVID-19 pandemic.
Story image
Collaboration
Lacework launches new capabilities for better threat detection
Lacework has announced new capabilities that enable organisations to uncover more critical threats to their infrastructure and empower teams.
Story image
DevOps
Dynatrace extends application security capabilities for runtime environments
Dynatrace has announced that it has extended its Application Security Module to detect and protect against vulnerabilities in runtime environments.
Story image
IDC
High level of Customer Identity & Access Management adoption
The study from Okta revealed that the pandemic has either accelerated or highlighted the need for digital-first strategies.
Story image
Ransomware
Big business in cryptocurrencies and cybercrime
As of June this year, about a quarter (26%) of Australians considered cryptocurrency as a good investment, and over 36% have at one point considered buying cryptocurrency as an investment.
Story image
Data analytics
Pressure on orgs to up their data analytics game - study
A recent report from Sisense highlights data transmission, analysis, and risk management remain top concerns for data professionals in APAC.
Story image
Data Protection
VMware introduces advanced workload protection for AWS
VMware Carbon Black Workload for AWS delivers comprehensive visibility and security across on-premises and cloud environments for AWS customers.
Story image
Microsoft
Avast reveals zero-day exploits targeting Chrome and Microsoft
Avast, released its Q2/2022 Threat Report today, revealing a significant increase in global ransomware attacks, up 24% from Q1/2022.
AWS Marketplace
Learn how security orchestration, automation, and response (SOAR) enhances your security strategy.
Link image
Story image
Data breach
Weak breach data disclosure laws for IP theft leaves vital Australian industries vulnerable
Infoblox has seen unprecedented levels of demand for cyber protection from companies outside of the Critical Infrastructure Act who have discovered security events and those who fear falling victim to IP theft.
Story image
Australian Defence Force
Cloudera and ADF partner for e-health management system
The Australian Defence Force (ADF) has selected Cloudera as a strategic data partner to help transform its e-health management system.
Story image
Biometrics
Can biometrics help? 123% increase in Gen Zs scammed online
In the three years leading up to 2022, the number of Gen Zs who fell victim to online scams rose by 123%, according to Ping Identity.
Story image
Machine learning
Sysdig releases CDR offering to combat cryptojacking
Sysdig has unveiled a cloud detection and response (CDR) offering powered by machine learning to combat cryptojacking.