As online fraud figures rise by more than 100 per cent, is there any way for the public to win the battle against scammers? - SC Magazine UK
This week saw the release of fraud figures for 2008 with the results for online banking rising by an astonishing 132 per cent.
There was a total of £609.9 million collected by fraudsters during 2008, with a total of £52.5 million from online banking. The National Fraud Strategy now estimates that card fraud costs every person in the country £10 per year, and online banking fraud 87 pence per year.
APACS, the UK trade association for payments and for those institutions that deliver payment services to customers, released the figures. It claimed that the two main areas of fraud were on transactions not protected by chip and PIN: specifically internet, phone and mail order fraud; and fraud abroad - committed by criminals using stolen UK card details in countries yet to upgrade to chip and PIN - which has nearly doubled in two years.
Surely chip and PIN is the most secure method, hence its inception? Not according to Nick Drew, executive director e-money operations at ClickandBuy, who claimed:
“The latest APACS findings are exactly what the industry predicted prior to the launch of chip and PIN.
The added security offered by chip and PIN would inevitably have the fraudsters turning to other, potentially less secure methods of credit card payments – namely online. (card not present)
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