This week’s OSIN presents the Australian Payment Fraud Report 2023

The Australian Payments Network (AusPayNet) has released data indicating that the fraud rate in 2022 slightly increased to 57.5 cents per AUD 1,000 spent, up from 57.3 cents in 2021. Payment card fraud surged by 16.5% to AUD 577 million, aligning with the 16% growth in card spending, totalling AUD 1 trillion. Card-not-present (CNP) fraud constituted 90% of all Australian card fraud, reaching AUD 516.8 million, influenced by the rapid e-commerce rise during the pandemic. Counterfeit/skimming fraud rose by 30% to AUD 7.1 million post-COVID-19 restrictions, and lost/stolen fraud increased by 44.5% to AUD 41.8 million. AusPayNet stresses industry collaboration and user vigilance in curbing fraud, emphasizing secure practices, and participation in anti-scam initiatives.