The latest figures from Australia released today show the impact that Chip and PIN can make on fraud, as skimming attacks committed domestically and overseas on Australian cards both fell. The number of skimming attacks committed in Australia on overseas cards also fell significantly.
As was the case when Chip and PIN was introduced in the UK, fraudsters are now targeting Card Not Present (CNP) fraud. The Australian Payment Clearing Association highlights the importance of PCI-DSS and of 3D Secure (MasterCard SecureCode and Verified by Visa) as being critical to reducing CNP fraud.