News and updates
Strong Customer Authentication in Australia: AusPayNet Card Not Present framework
With Australia’s growing ecommerce market, Strong Customer Authentication (SCA) has become increasingly important for Card Not Present transactions. Read on to learn about AusPayNet’s framework that offers businesses and shoppers greater peace of mind.
Australia’s ecommerce market is one of the fastest growing markets in the world, forecast to continuously increase between 2023 and 2028 by approximately $30.4 billion (an increase of 56% in total).
But the growth of ecommerce in the last decade presents opportunities for businesses and fraudsters alike, with Card Not Present (CNP) fraud, which represents about 90% of all card fraud on Australian cards costing retailers nearly half a billion dollars in 2022. With customer trust a top priority for Australian businesses in 2024, and updates to eftpos CNP and least cost routing now in effect across the country, Strong Customer Authentication (SCA) is more important than ever before.
