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 working with our Members, merchants, the RBA, gateways and payment service providers to define an approach to reduce the level of CNP fraud in Australia. In 2018, we managed a successful industry consultation that has resulted in this framework*.
In addition to reducing online card fraud, the framework is also designed to build consumer trust and support continued growth in e-commerce.
If you are an active participant in e-commerce, and have not already received these documents, please get in touch to request the following:
Feedback on the timeline for implementation of the Framework is due by Friday 8 February 2019.
To request the above documents and to provide feedback on the proposed timeline, please email us at mitigateCNPfraud@auspaynet.com.au.
* The industry CNP Fraud Mitigation Framework has been finalised, however, subject to AusPayNet legal approval.