March 26 (The Age.com.au) – As the economic downturn continues, more unfortunate news unfolds. Credit card fraud on online, phone and mail transactions has increased by about 50 percent over last year, says the Reserve Bank.

Meanwhile, the Australasian Consumer Fraud Task force has reported a 60 percent increase in fraudulent activities earlier this month, warning consumer to be a bit more careful with their dealings.

According to Philip Lowe, assistant governor of financial systems for the Reserve Bank, fraud involving card not present transactions has increased significantly and may undermine consumer confidence in online shopping. “Almost half the fraud on credit cards occurs in situations where the merchant does not physically see the card,” said Lowe.

“While the international card schemes have made considerable efforts to address this rise in fraud, more needs to be done to offer consumers highly secure payment options,” Lowe adds.

Source:
theage