Card-Not-Present (CNP) fraud represents almost 85% of all card fraud in Australia. To help combat CNP fraud, the Australian payments industry body, AusPayNet, have implemented a new fraud mitigation framework. APN is a self-regulatory body set up by the payments industry to improve the safety, reliability, equity, convenience and efficiency of payment ecosystem in Australia. This framework is designed to collaboratively reduce eCommerce fraud across the Australian Payment Industry. It uses an industry-wide approach to reduce CNP payment fraud for:
- merchants (businesses)
- consumers (customers)
- issuers (banks)
- acquirers (card providers)
- card schemes (payment networks)
- payment gateways (online services that authorise payments)
- payment system providers and (services that accept electronic payments)
- regulators (like APRA or ASIC).
The success criteria of this framework will be a reduction in online fraud across the payment industry as we continue to build consumer trust and support the growth of eCommerce.