20th Mar 09
Credit card fraud exceeds 600 million in UK
by Natasha Redman
www.apacs.org.uk
In the UK last year, losses due to credit card fraud reached £609.9 million, which was a sharp increase over the £535.2 million reported in the previous year. According to recent figures from the payments association APACS, the increase was driven by crime in which the cardholder was not present.
Fraud that occurs in transactions by phone, mail order and the Internet – where there is no ‘chip-and-PIN protection’ – represent more than half of all card fraud losses and increased by 13 per cent in the past year.
In 2008, online banking fraud totalled £52.5 million, which was an increase of 132 per cent over 2007. APACS noted that this rise should be viewed in line with the burgeoning popularity of online shopping and the increasing number of businesses that accept remote card payments.
APACS has reported that phishing is still on the rise, and those who bank online continue to be attacked by malware, even with industry initiatives that have been put in place to counter fraud, such as secure online payment systems MasterCard SecureCode and Verified by Visa.
The association added that in 2008 online banking fraud losses were not affected by the same-day payment service Faster Payments, in spite of concerns raised over the shorter window for security clearances. Faster Payments was launched in May and according to APACS figures, online crime in the second half of 2008 was much the same as during the first half.
www.apacs.org.uk
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