Credit card fraud is growing

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Marcelo Orlandi
Credit card fraud is growing

You have heard in the past the number of leaked data, bank frauds and credit cards been sold around the world. However, how are we doing back home?

Well, according to by the Australian Payments Network, since 2012 the credit card fraud in Australia has grown steadily.

The report states that in 2017, 0.075% of all transactions were fraudulent. You are probably now thinking, “only 0.075%”? Well, let me put that figure into perspective. The total amount of money transacted in 2017 was $748,110,632,702. Now, that is a big number. If we take the 0.075% we get something like $561,408,226, which is a lot of money for the bad guys to get their hands on.

Most of the fraud, or at least the type of fraud on the rise, is online transactions. In Australia, this fraud increased by 29% to 227.5 million while overseas this fraud increased by 3% to $248.9 million.

Do you want to know more about this report? Read it in full here.

Today, we not only used credit/debit cards to pay but also mobile phones and smartwatches. This means that we need to be vigilant as there are and will be bad guys waiting to get a piece of your money.

Remember, keep always good Cybersecurity Hygiene.

Be safe out there. Until next Malware Monday.