Defining an approach to reduce the growing level of online card fraud in Australia.
The industry CNP Fraud Mitigation Framework defines an approach to reduce the growing level of online card fraud in Australia.
Card-not-present (CNP) fraud now represents almost 85% of all card fraud, on Australian cards, and costs the e-commerce industry close to half a billion dollars each year.
We have been consulting with our Members, merchants, the RBA, gateways and payment service providers to develop a framework to reduce the level of CNP fraud in Australia.
In addition to reducing online card fraud, the framework is also designed to build consumer trust and support continued growth in e-commerce.
The first reporting period for the framework will be in Q2 2019.
If you are an active participant in e-commerce and would like a copy of the framework, please email us at mitigateCNPfraud@auspaynet.com.au.