Fraud on payment card transactions fell 15 per cent to A$447 million in the 12 months to June, according to the latest industry figures.

The Australian Payments Network’s 2019/20 payment fraud statistics show that the card fraud rate dropped from 66 cents per $1000 in 2018/19 to 56 cents per $1000 in the year to June.

Card-not-present fraud fell 14 per cent to $392.4 million, lost and stolen card fraud fell 28.5 per cent to $30.8 million and counterfeit/skimming fraud was down 25 per cent to $14 million.

Total card fraud losses of $447.2 million involved 3.7 million transactions, representing 0.03 per cent of the total number of card transactions.

These falls occurred during a period when spend on cards increased by 0.4 per cent to $803.4 billion.

AusPayNet said 2019/20 was the first full year of operation of the industry’s CNP Fraud Mitigation Framework, an industry initiative to encourage merchants to tighten customer authentication procedures and adopt secure technologies offered by payment service providers and banks.