Banks and credit card companies are aiming to cut credit fraud by three quarters by 2014, as those in the payment chain refresh their commitment to invest in chip-based technology intended to reduce fraud.Data to be published on Monday by the Australian Payments Clearing Association will show a further rise in the incidence of credit card fraud in Australia.How much isn't clear, but the rising trend is one factor informing an update of Visa International's strategy to combat payment fraud, and on which the payments group undertook some public relations yesterday.Chris Clark, Visa's general manager for Australia, New Zealand and the South Pacific, said addressing credit card fraud had not been a strong priority in Australia over the last few years and that Visa and its member banks had agreed on a five-year plan.The chief feature of this plan is to finally add an EMV-compliant chip to each Visa card and to make sure the entire Eftpos and ATM fleet is also compliant. The target date for compliance is 2013.At present 25 per cent of cards and 58 per cent of Eftpos terminals are compliant.More aggressive investment in measures to reduce credit card fraud in other markets, notably in Asia and Europe where fraud was much higher than elsewhere, has reduced the level of fraud in those markets and as a result Australian merchants may now be a more appealing target for criminals specialising in this type of fraud.