Mastercard outlines plan to combat card fraud in Australia
Mastercard has announced its five-year plan to revolutionise payment methods in Australia, aiming to address the country's rising card-related fraud, which nearly reached AUD $1 billion in 2024.
According to the company, Australians spent a record AUD $69 billion on online shopping in 2024, highlighting the growing importance of the digital economy. Mastercard intends to enhance payment security by introducing biometric checkouts, numberless and sustainable cards, and more by 2030.
Richard Wormald, Division President, Australasia at Mastercard, stated, "This vision underscores Mastercard's commitment to collaborating with our partners to bring the very latest in simple, secure, and seamless payment innovations to Australians around the country. By ensuring that our technology evolves to meet both current and emerging threats and cardholder needs, we are not only safeguarding those in the ecosystem but also solidifying Australia's position as a global leader in the rollout and adoption of cutting-edge payment technology."
One of the core projects is the rollout of one-click biometric checkouts, which will eliminate the need for manual data entry, passwords, or one-time PINs. This will be replaced by an email lookup system secured with biometrics.
To support this transition, all new Mastercard cards in Australia will be enrolled in Mastercard Payment Passkeys and Mastercard Click to Pay, aiming to streamline online transactions to just one point of data entry.
Additionally, Mastercard has announced the introduction of numberless cards, where the traditional 16-digit number will be digitised and secured within banking apps. This initiative is part of a drive to enhance security and streamline consumer control over their payment methods.
Mastercard is also promoting sustainability by mandating that all cards be made from sustainable materials by January 2028, moving away from first-use PVC plastics.
The plan includes unique, one-time card numbers that can be generated for individual transactions, allowing cardholders increased control through customised payment settings.
Consumers will further benefit from Mastercard One Credential, a digital credential offering flexibility in payment types, allowing for transactions to be automatically routed through debit, credit, instalments, or prepaid methods.
The payment company's strategy aims to increase security and ease of transactions, accommodating consumer expectations for seamless online experiences akin to in-store transactions.
Mastercard's initiative comes amidst growing concern over payment security, particularly given the significant amount of data entry and numerous keystrokes currently required for online transactions. The company plans to prohibit Australian merchants from storing non-tokenised card numbers to prevent payment credential theft.
With the current focus on enhancing the security and convenience of online transactions, Mastercard asserts its commitment to transforming the payment landscape in Australia.
