Card Not Present fraud (CNP), which includes phone, Internet and mail order fraud, now accounts for 54% of all card fraud losses, according to APACS. From 2001 to 2008, CNP Fraud losses have risen by 243%.

The figures collected to date do not include or take account of attempted fraud. Systems are becoming available (such as one from The 3rd Man) that will notify banks of attempted fraud so that fraudsters can be tracked and eventually caught.

Chip and Pin has been hugely successful in deterring fraud where the card is present. What the industry now needs is an equivalent system to prevent CNP fraud.