Visa pushes for two-factor authenticated transactions
Payment technology company Visa is attempting to drive Australian uptake of its 3-D Secure offering, which adds more security to online payment transactions to reduce credit card fraud.
Last month, a joint strike force took down a counterfeit credit card manufacturing operation in Sydney, New South Wales, potentially stopping AU$5 million in fraudulent transactions. But what has Visa worried is the increase in online fraud, which is categorised as "card not present" frauds. This makes up 71 per cent of credit card fraud that is committed in Australia.
A recent report by the Australian Payments Clearing Association showed that credit card fraud is up 50 per cent annually, with online shopping a big driver of the upward trend. "[Online fraud] is growing at a really rapid rate, and Australia, uniquely in Asia-Pacific, did suffer over the last 12 to 18 months of being targeted by quite a number of international fraud rings," Visa Asia-Pacific director of e-commerce, Justin Roche, said at CA Technologies' CA Expo in Sydney today.
