Figures from the APCA show that skimming fraud on Australian-issued credit cards and signature-permitted debit cards has dropped for the first time ever from A$50.1 million ($42.8 million) in 2008 to A$37.5 million ($32 million) in 2009.
The Australian Payments Clearing Association (APCA) attributed the drop in skimming fraud to the rollout of chip and PIN technology. According to the APCA, debit card fraud on PIN-only transactions increased, with the number of cases of fraud rising from 1.6 in every 100,000 transactions to 2.5. << read more>>
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