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News - 26 April 2008
Online fraud hits £500 million
Card fraud was more than £500 million in 2007 according to credit card fraud specialist, The 3rd Man. The company said that actual card fraud was far higher than the official statistics given by APACS, which estimated that card fraud had risen by 37% in 2007 to £290.5m.
One possible reason for the increase in online fraud could be the introduction of 'chip and pin' in shops. This has pushed fraudsters to seek 'cardholder not present' scenarios for their crimes.
Also the increasing use of the Internet is creating a bigger ball park for fraudsters and they will be quick to seek out sites that are less well protected than others.
The 3rd Man has suggested that responsible retailers should defend themselves by using behavioural screening techniques and by sharing data through initiatives such as SuperSearch, which scans millions of live transactions for retailers each month.
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The 3rd Man