Financial Crime World

Australian Payment Fraud on the Rise

Payment fraud in Australia is increasing, according to new data from the Australian Payments Network (AusPayNet). The total value of cheque fraud has seen a significant rise, with a sharp decline in 2022.

  • Total value of cheque fraud: $4.37 million in 2018, rising to $4.83 million in 2019, then dropping to $4.01 million in 2020 and $3.21 million in 2021. In 2022, the trend reversed with a sharp decline to $2.44 million.
  • Number of cheque transactions: from 591,000 in 2018 to 410,000 in 2022.
  • Average value per cheque transaction: ranging from $7,402 to $6,503.

Types of Fraud

  • “On us” fraud (breaches of mandate, fraudulently altered cheques, and stolen blank cheque books) accounted for 77% of all cheque fraud in 2022.
  • Deposit fraud remained a significant issue, with 63 cases reported in 2018 and dropping to just four in 2022.

Prevention Tips

  • AusPayNet urges financial institutions and consumers to remain vigilant against payment fraud.
  • The AusPayNet website offers more information on payment fraud and tips for prevention, including guidance on how to spot and report suspicious transactions.

PCI DSS Compliance

  • The Payment Card Industry Data Security Standard (PCI DSS) is a security standard mandated by the international card schemes to ensure sensitive card data is held securely.
  • AusPayNet members are required to comply with the PCI DSS standards, which include requirements for data encryption, access control, and regular security testing.

About AusPayNet

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The Australian Payments Network (AusPayNet) is the industry association and self-regulatory body for the Australian payments industry. We manage and develop procedures, policies, and standards governing payments in Australia.

  • Our purpose is to enable competition and innovation, promote efficiency, and control and manage risk in the Australian payments ecosystem.
  • With over 150 members, including financial institutions, payment system operators, major retailers, and financial technology companies, AusPayNet works closely with stakeholders to ensure the security and integrity of the Australian payments system.