Visa’s payment police saves Aussie businesses $560m

“The amount of fraud prevented has grown since last year, but there’s two sides to this – the amount depends on the level of cyber criminal activity at any moment in time, as well as the effectiveness of prevention.

“With AusPayNet reporting a reduction of fraud rates and Visa’s fraud prevention being where it is, this is good news for Australian merchants.”

The data released by payments industry group AusPayNet in August, showed card fraud costs falling in Australia, with locals being stung to the tune of $464 million last year, down from a peak of $576 million in 2018.

Visa says its use of AI has saved Australian businesses $560 million in a year. iStock

Those numbers meant fraud rates had dropped from 75¢ per $1000 of card spend, to 56.6¢ – levels last seen in 2014.

Visa said it processed more than 138 billion transactions in 2019 and

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