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"Chip and Pin does not stop card fraud from rising"

By admin | March 31st, 2009 | Credit Cards

According to a recent report the Chip and Pin technology that was brought in some years ago to try and combat card fraud has done nothing to stop the level of card fraud from rising, and recently released figures have indicated that card fraud has now reached a record high despite the fact that Chip and Pin is used in the UK.

It is estimated that card fraud over the course of last year will have reached over £600 million in terms of value, and this is the first time that it will have soared to such high levels. Officials have said that despite the introduction of Chip and Pin technology five years ago, which in itself is costing hundreds of millions of pounds, the level of card fraud just keeps on rising.

Gangs of fraudsters are often involved with credit card fraud, and banks have said that they are doing all that they can to try and combat this, with one official stating: “It is difficult to pursue some of these gangs because they are located overseas in a different jurisdiction and they use the internet to commit their crimes. However, generally, we are getting better at spotting frauds earlier and they are getting away with less per transaction as a result.”

The level of CNP or Card Not Present card fraud is also rising, and this is where transactions are made online or by phone where the actual card itself does not need to be shown. Sandra Quinn from APACS said: “As the name suggests, this means that the fraudster uses a stolen card number on the internet or by mail order. This is less risky as they don’t have to physically go to a shop to hand over a counterfeit card.”

Tags: credit card security, credit card fraud, chip and pin

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