Media Releases

  • Payments Fraud

    Tackling CNP fraud remains a top priority for industry. Participants and stakeholders are working collaboratively to expedite industry-wide initiatives.

     
     
     
     
     
     
     
     

    MEDIA RELEASE

    19 December 2017

    Consumers reminded to take care when shopping online

    The interim payments fraud data released today by the Australian Payments Network, the payments industry’s self-regulatory body, serve as a timely reminder to consumers to take care when shopping online over the busy retail season.

    Today’s figures for the 12 months to 30 June 2017 reflect the key trends highlighted in Australian Payments Fraud – Jan-Dec 2016 Data released by AusPayNet in August 2017. With chip technology providing strong protection against counterfeit cards, fraud is continuing to migrate to online channels (card-not-present).

    Transactions on Australian cards totalled more than $730.1 billion over the 12-month period – up 3.8%.  Card fraud increased by 3.1% to $538.2 million:

    • Counterfeit/skimming fraud dropped 34%   
    • Card-not-present fraud increased 10%, now accounting for 82% of all fraud on Australian cards 

    AusPayNet CEO Leila Fourie said, “More and more of us are shopping online and this presents more opportunities for cyber criminals. With the peak Christmas period just around the corner, we need to be security aware and take simple steps to help reduce risk when shopping online.”

    Tackling card-not-present fraud is a high priority for industry, and participants and stakeholders are working collaboratively to expedite industry-wide initiatives.

    Consumers can take simple steps to help protect against online card fraud including:

    • registering for, and using their financial institution’s online fraud prevention solutions, whenever prompted
    • being wary of offers that seem too good to be true – doing checks to make sure the business is legitimate 
    • only providing their card details on secure and trusted websites – including looking for the locked padlock.  
    • always keeping PC security software up-to-date and doing a full scan often
    • regularly checking statements and reporting any unusual transactions to their financial institution immediately

    “With malware and phishing attacks becoming increasingly sophisticated, we also need to be extremely wary of unsolicited emails and text messages from people we don’t know. Don’t click on the link provided and don’t be tricked into divulging confidential data such as your password,” said Dr Fourie.  

    Australians are not liable for any fraudulent transactions on their payment cards and will be reimbursed as long as they have taken due care.

    The interim fraud data release is available at www.auspaynet.com.au. Comprehensive payments fraud data for calendar year 2017 will be released in mid-2018.

    ENDS

    For more information: Ida Turner – AusPayNet Communications | +61 409 716 556 | iturner@auspaynet.com.au

    AUSTRALIAN PAYMENTS NETWORK LTD. ABN 12 055 136 519
    Level 23, Tower 3, International Towers Sydney, 300 Barangaroo Avenue, Sydney, NSW 2000 | auspaynet.com.au | 

     

     
     
     
     
     
     
     
  • The Digital Economy

    Cash has lost its position as the dominant retail payment method, with cards now accounting for 52% of payments.

     

    MEDIA RELEASE

    30 November 2017

    Cards dominate as Australians abandon cheques and cash

    The milestones report entitled Digital Economy1 released today by Australian Payments Network (AusPayNet), the payments industry self-regulatory body, reinforces that individuals and businesses are abandoning cheques and cash at a record rate as they embrace digital payments.

    Today’s report highlights that in the 12 months to 30 June 2017, cheque use plunged 21% to dip under 100 million for the first time - the largest drop ever-recorded. This follows a 17.2% drop for the same period in 2016, and a 15.7% drop in 2015. The value of cheques dropped by 4.22% for the 12-month reporting period. This compares to 1.76% the previous year.

    Cash has lost its position as the dominant retail payment method, with cards now accounting for 52% of payments. This strong preference for cards is reflected in an accelerated decline in ATM withdrawals. The number of ATM withdrawals dropped by 7.5% to 625.4 million following a 6.6% drop the previous 12 months.

    CEO of AusPayNet, Dr Leila Fourie said “The move away from cheques and cash is not surprising. What is surprising, however, is the accelerated rate at which this is happening. In our fast-paced, 24/7 society, consumers and businesses are consistently choosing faster, convenient payment options as new technologies shape a digital first mind-set.”

    Digital payments continued their double-digit growth - up by 11.5% on the previous year overall. In the 12 months to 30 June 2017, Australians made:

    • 5.2 billion debit card payments – up 14.2%
    • 2.6 billion credit card payments – up 9%
    • 1.2 billion direct debit payments – up 13%
    • 2.6 billion direct credit payments – up 6.1%

    Australia’s card use is enabled by one of the highest penetrations of POS devices (39,337) per million inhabitants, ahead of Canada (38,870), Italy (36,902), Singapore (33,219) and the United Kingdom (32,858). Australia also has a comparatively high smartphone penetration, estimated at 84% in 2016.

    “With our high use of smartphones, Australia is well-positioned for the next wave of payments innovation, and the industry’s New Payments Platform for faster payments will provide a stimulus,” said Dr Fourie.

    The regulatory environment is continuing to evolve to support the transition to the digital economy. The Report provides an update on the Black Economy Taskforce, open banking, and card surcharging reforms.

    The Digital Economy report and accompanying infographic are available here.

    ENDS 

    For more information:
    Ida Turner
    – AusPayNet Communications +61 409 716 556 iturner@auspaynet.com.au 

    1 Australian Payments Network releases regular Milestones Reports to review progress against the action plan it published in May 2012. See “The Decline of Cheques: Building a Bridge to the Digital Economy”. 

    AUSTRALIAN PAYMENTS NETWORK LTD. ABN 12 055 136 519
    Level 23, Tower 3, International Towers Sydney, 300 Barangaroo Avenue, Sydney, NSW 2000 | auspaynet.com.au | 

     
  • Introducing our Payment Summit

    We are delighted to be working in partnership with Transactives to bring a world-class summit to Australia.

     
     
     
     

    MEDIA RELEASE

    13 November 2017 

    Collaborating on the next era of payments 

    Introducing the Australian Payment Summit 

    Australian Payments Network (AusPayNet), the self-regulatory body for Australia’s payments industry and home for cross-industry innovation, has teamed up with Transactives, the organiser of the European Payment Summit and Global Payment Summit, to bring the inaugural Australian Payment Summit to Sydney on 13 December 2017.

    The Australian Payment Summit will be an annual event co-hosted by AusPayNet and Transactives.

    Working in close cooperation, the two organisations have secured a program of more than 20 high-calibre industry speakers for the inaugural one-day event themed “Towards a New World of Payments”. Dr Philip Lowe, Governor of the Reserve Bank of Australia, will deliver the opening keynote address.

    Dr Leila Fourie (CEO of AusPayNet): “We are delighted to be working in partnership with Transactives to bring a world-class summit to Australia. The global payments landscape is rapidly evolving with new technologies shaping a digital-first mindset - and here in Australia, the New Payments Platform (NPP) will provide a stimulus for yet more innovation. Our Summit will bring together a diverse range of participants to interpret the implications, and provide an opportunity to network with national and international decision-makers and disrupters. We invite everyone with a significant interest in payments to join us.”

    Harry Smorenberg (Founder & CEO of Transactives): “The Australian Payment Summit will focus on innovation and share insights and ideas from experts involved in shaping the new world of payments. Emerging topics and trends we are seeing overseas are also impacting Australia, and developments around Real-time payments, Digital Identity, and Open Banking will be core components of our program.”

    The industry is anticipating a new era of fast, data-rich payments with NPP. Beyond NPP, the Australian Government is holding an inquiry into competition and innovation in financial services and Treasury is exploring appropriate implementation and regulatory models for an Open Banking regime in Australia.

    The Summit will foster debate on key trends in the payment/transaction space sharing experiences from around the globe. Among others, Open Banking will be one of the key topics, with a panel session moderated by Michael Salmony, executive advisor to board of advisors at equensWorldline, providing insights into Europe’s experience with PSD2. More details about the program are available at australianpaymentsummit.com

    The inaugural Summit will be held at the Hyatt Regency Sydney on 13 December 2017. Register at www.australianpaymentsummit.com

    ENDS 

    For more information:
    Ida Turner - Australian Payments Network: +61 409 716 556 iturner@auspaynet.com.au 

    AUSTRALIAN PAYMENTS NETWORK LTD. ABN 12 055 136 519
    Level 23, Tower 3, International Towers Sydney, 300 Barangaroo Avenue, Sydney, NSW 2000 | auspaynet.com.au |