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BizReport : Research : October 08, 2007
Online credit card fraud continues to rise
While credit card fraud in the UK has decreased, CNP fraud has risen considerably, according to figures recently released by the Association of Payment Clearing Services (APACS).
Losses from card-not-present (CNP) transactions are up 44 percent on the same period last year, reports APACS. The total loss is around $280 million. However, to put these figures into context, the increase in online shoppers has to be taken into account.
“Losses from online, phone and mail order shopping fraud have continued to increase year-on. However, this increase has to be seen in the context of increasing numbers of people shopping online and ever-growing numbers of online transactions,” said APACS in a statement.
The introduction of chip-and-pin in the U.K. has managed to decrease domestic credit card fraud, however the criminals are now looking overseas to countries with no such protection. U.K. retailers have seen a drop of 11 percent in losses and ATM’s losses are down a massive 57 percent.
Meanwhile online banking fraud losses fell by 67 percent in the first half of 2007, which indicates that the fraud-prevention methods put in place by British banks are having a positive effect.
Tags: APACS, credit card, fraud, online banking, UK
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Comments
Government and banks fail to combat fraud because they are ignoring to exploit ID KEY system which has been invented to make signature and PIN number systems reliable to deter fraud. Banks have option to reduce card, cheque, mail order and identity fraud to VIRTUALLY ZERO permanently simply by implementing ID KEY system described on website www.xwave.co.uk Fake documents have made signature system unreliable but ID stickers will enable us to personalise them like passports to make these signatures reliable again. Skimmers and pin-hole cameras have made ATM transactions unreliable but use of Card Key Code stored on ID KEY required to activate ATMs will make ATM transactions reliable again. This system will make use of stolen and skimmed cards meaningless. This shows that if banks implement ID KEY system we will not have to prosecute organisations for failing to protect our personal and card details since these details will not get misused. ID KEY can be treated like international ID card since it will personalise signature and PIN number to only right individual anywhere in the world.
Posted by: George on October 8, 2007 08:31