The Credit Fraudsters
October 7, 2008
This year has seen a record high on fraud losses that UK credit cards has ever seen and this is only in the first six months of the year. During this first six months the losses have amounted to a total of £ 301.7 million, although payments group APACS have advised that the growth rate has eased from 26% for the same period of 2007.
APACS have advised that they have seen 11% up on fraud by cards being used on the continent and 18% up on things that have been purchased on the internet.
On the continent in countries where the chip and pin has not been introduced yet, fraudsters are making counterfeit cards by copying the magnetic strips of customers which in turn has saw an increase of 190% over the last three years, which works out at around £ 121 million.
APACS director of communications, Sandra Quinn says “Criminals continue to target those areas where we do not currently have the security benefits of chip and Pin, causing increases in fraud abroad and phone, internet and mail order shopping fraud. Fraud abroad will be made more difficult for criminals to commit as more countries roll out chip and Pin.”
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