07 Aug Australian Payment Agency Releases Fraud Report, Proposes Biometrics for Security
Incidents involving payment fraud in credit cards have increased in 2016 due to wide-scale cyber intrusions and identity theft, according to the Australian Payments Network (APN) last Friday.
APN’s study reveals that payments with stolen card information have become twice more prevalent since 2011. Fraudsters have stolen a total of $417.6 million by 2016, with 78% of the money taken in 2016.
APN CEO Leila Fourie said Australian banking institutions and customers should heighten their security awareness and data protection measures. It is of paramount importance as the country transitions to accommodate industries that rely on internet transactions.
Dr. Fourie suggested using advanced online authentication like biometrics to safeguard credit details. Australia is known to invest in chip technology, authentication, and tokenization. She also mentioned using geolocation and social media to reinforce verification methods.
By 2020, APN predicts 20% of all payments will be done in mobile wallets and online shopping carts.