Non- cash payment Assignment Example | Topics and Well Written Essays - 500 words

Non- cash payment - Assignment ExampleNonetheless, the neutralisation measures make believe become better too to reduce the risk of fraud when using non-cash payment methods.I ache learnt that according to a report compiled by Australian Payments Clearing Association, card fraud cases have change magnitude from 43.6 cents to 48.7 cents for every $1000 exhausted by consumers and businesses. People have abandoned use of cheques and alternatively prefer to use cards to make payments. The report also revealed that 4% of the total amount of coin transferred by use of cards in Australia has landed in the hands of fraudsters. The situation was worse in UK. In 2013, there was a 3% increase in non-card fraud for 43.4 million euros spent. Counterfeiting and skimming increased at an alarming rate (Australian Payments Clearing Association, 2014).Using cards has proved riskier than using cheques when making payments given(p) the statistics from the Australia and UK of 2013. It could be bec ause of the simplicity and wide acceptance of using cards to make payments that have made it late for fraudsters to improve on their game. They are by financial institutions and mobile payments outlets too.The APCA report also indicated that the fraud cases have increased following a massive shift from physical shopping to online shopping for most of the Australian consumers. The last four years have seen 35% expansion in online shops in Australia (Apca.com.au, 2014). The trend is sensing up in other parts of the world. Since card is the preferred mode of payment, domestic and cross-border frauds have increased.I would prefer to use cheques other than a card to make payments putting into consideration that the rate has reduced in the last two years. APCA reported indicates that cheque fraud fell from 0.8 cents to 0.6 cents for every $1000 spent by Australian users (Australian Payments Clearing Association, 2014). The trend is attributed to the fact that it is hard to counterfeit, dishonour and to breach its mandate in financial institutionsAll