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Australian banks are not reporting online card frauds to the Office of the Australian Information Commissioner, formerly known as the Privacy Commissioner. An official enquiry to the OAIC about the card fraud publicised by the Australian Bankers Association recently has revealed that there has been no notification to the OAIC. This is despite the banks Click on the title to read more Privacy Commissioner confirms Australian banks don’t report online card frauds Fraud on Australian-issued scheme credit, debit and charge cards, 2009-2010 Latest official statistics show CNP or card-not-present (i.e. mail, phone and online) card fraud cost Australians more than $127million in the financial year to the end of June 2010. CNP card fraud in the previous year was just $111million. This indicates the Click on the title to read more Visa, Mastercard fraud costs Australians $220million this year Offshore sites are where Australians lost most of the total losses of $A88million to fraudulent card-not-present transactions last year. Soure: www.cartoonstock.com And with the losses some $15million higher than last year, the news isn’t good for Australian holders of Visa, Mastercard and American Express credit and charge cards. Even worse, are the indications that the Click on the title to read more Australians lose $88million to virtual card fraud last year, up $15million on 2008 Mark Goudie is the managing principal of the Asia-Pacific investigative response practice for Verizon Business. Formerly known as Cybertrust, until their recent acquisition by US telecommunications giant – Verizon, the company is widely known for its annual reports on major security breaches at the worlds largest corporations. Mark Goudie, Verizon They work very closely with Click on the title to read more Analyst confirms airlines a hot target for online card fraud They may be one of the world’s largest payment technology providers, but most Australian businesses wouldn’t have even heard of them. They’re US company – Transaction Network Services (TNS) – and next time you buy an Australian airline ticket chances are you’ll be using their technology. “Globally, we carry over 13 billion transactions per annum” Click on the title to read more Transaction Network Services – Australia’s biggest online payment gateway? |
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