The Australian Criminal Intelligence Commission's report on organised crime in Australia, released this week, includes commentary on serious financial crime. In its report, the ACIC identified five key elements of financial crime:•    cybercrime;•    investment and financial market fraud;•    revenue and taxation fraud;•    superannuation fraud; and•    card fraud. Conservative estimates cited by ACIC put the cost of organised fraud to the Australian economy at A$6.3 billion between 2013 and 2014.  "The complexity and potential scale of financial crime poses an ongoing challenge not only to law enforcement but also to regulators," ACIC stated.  It warned damage to financial markets, government revenue base and the savings of private individuals can have far-reaching implications. Payments is one key area under siege: "The rise in mobile payment services follows the increasing use by Australians of smartphones to make online payments and purchases and to access banking services." "Vulnerabilities exist within these payment platforms that can be exploited by serious and organised crime groups via the use of malware. As Australia moves towards a cashless society, there are increased opportunities for online payment and card fraud," ACIC warned. In the 2015/16 financial year, Australians spent A$703 billion on cards; $521 million of this spending (across 2,665,806 transactions) was fraudulent. This represents a card fraud rate of 74.2 cents per $1,000 spent, up from 60.4 cents per $1,000 over the previous 12 months. The Australian Payments Network attributes 77 per cent of all fraud on Australian cards to card-not-present fraud. CNP fraud occurs when card details are fraudulently used to make purchases or other payments without the card, via phone or online shopping, betting and gaming platforms or other websites of a similar nature. The introduction of chip and PIN technology has resulted in a decline in card-present fraud; however, this kind of fraud also remains a problem. In response to these new technologies, organised crime groups have altered their methodologies—for example, by uploading skimmed data to blank cards to obtain cash or to purchase high-value goods in other countries.  In the 2015-16 financial year, card counterfeit and skimming fraud perpetrated in Australia and overseas on Australian-issued cards accounted for almost A$47 million.