legislation or regulation that governs the credit card industry. However, the Association for Payment Clearing Services (APACS) is the institution that all settlement members are a part of. The organisation works under the Banking Consolidation Directive to provide a means by which transactions can be monitored and regulated. UK Finance is the association for the UK banking and financial services sector, representing more than 250 firms providing credit, banking and payment-related services. Australia In Australia, credit card fraud is considered a form of identity crime. The Australian Transaction Reports and Analysis Centre has established standard definitions in relation to identity crime for use by law enforcement across Australia: The term identity encompasses the identity of natural persons (living or deceased) and the identity of bodies corporate Identity fabrication describes the creation of a fictitious identity Identity manipulation describes the alteration of one's own identity Identity theft describes the theft or assumption of a pre-existing identity (or significant part thereof), with or without consent and whether, in the case of an individual, the person is living or deceased Identity crime is a generic term to describe activities/offences in which a perpetrator uses a fabricated identity, a manipulated identity, or a stolen/assumed identity to facilitate the commission of a crime(s). Losses Estimates created by the Attorney-General's Department show that identity crime costs Australia upwards of $1.6 billion each year, with the majority of about $900 million being lost by individuals through credit card fraud, identity theft and scams. In 2015, the Minister for Justice and Minister Assisting the Prime Minister for Counter-Terrorism, Michael Keenan, released the report Identity Crime and Misuse in Australia 2013–14. This report estimated that the total direct and indirect cost of identity crime was closer to $2 billion, which includes the direct and indirect losses experienced by government agencies and individuals, and the cost of identity crimes recorded by police. Cardholder liability The victim of credit card fraud in Australia, still in possession of the card, is not responsible for anything bought on it without their permission. However, this is subject to the terms and conditions of the account. If the card has been reported physically stolen or lost the cardholder is usually not responsible for any transactions not made by them, unless it can be shown that the cardholder acted dishonestly or without reasonable care. Vendors vs merchants To prevent vendors from being "charged back" for fraud