Related Credit Card Article

"Credit card data being sold for pennies"

By admin | May 31st, 2009 | Credit Cards

According to a recent report credit card data and information is being sold for just pennies, with these details available for purchase for the same price as a bar of chocolate.

The data comes from a new study, which claims that personal information and credit card account details are being sold for as little as fifty pence. The information was released in the annual security threat report from the IT security firm, Symantec.

For just fifty pence details such as cardholders’ account details, dates of birth, addresses, and other information is being sold. This is allowing fraudster to carry out large scale fraud, get their hands on a lot of cash from others’ credit cards, and commit identity fraud, which is an issue that has become more of a concern over recent years. In 2008 the level of card fraud in the UK is said to have surpassed £600 million in value according to the payment clearance association, APACS.

An official from Symantec said: “there are signs of a price war developing, as online criminals find it increasingly easy to steal private details, and barter to sell them for bargain prices.”

He went on to state: “As above ground the world economy spirals, the underground economy has never been healthier.”

APACS has also said that the main driver behind credit card fraud was CNP fraud, which involves transactions where the card is not physically required, such as telephone purcahses and online purchases made by card.

With credit card details now being sold for such a small amount of cash based on the Symantec report an increasing number of fraudsters may get involved in this type of crime, particulalry in the current financial climate and recession.

Tags: Card Not Present fraud, credit card data, credit card fraud

Related Articles:

• Credit card details being sold for just four pence

  According to a recent report some criminals that commit credit card fraud and identity theft are selling peoples’ credit card details for as little as just four pence a shot. Officials have said that an online black market is being used by the criminals to sell the credit card details that they have stolen, and...

• Barclays boss becomes victim of identity fraud

  The chairman of Barclays bank has become the victim of identity fraud and theft because of a lack of checks that staff at his own bank failed to carry out. A fraudster managed to pose as the Barclays boss, Marcus Agius, and tricked employees from the bank’s credit card division into sending out a new...

• Peterborough consumers – impact from credit card fraud

  Over recent years credit card fraud is an issue that has become a matter of concern for many officials and consumers. Many people are worried about using their credit cards online and in various other ways due to the risk of falling victim to this type of fraud. Figures have shown that the level of...

• Credit cards are best for certain transactions

  An industry official from the finance sector has recently stated that credit cards are the best form of payment for certain transactions, offering greater speed, convenience, flexibility, and security. One official from the credit reporting agency Equifax has said that there is little doubt that for some transactions the credit card is the best choice...

• Beat the fraudsters by keeping an eye on your credit

  Every year fraudsters get away with around £1.7 billion through their fraudulent activities, and around 100,000 people fall victim to identity fraud each year. As most of us have seen over the past year or two there are no guarantees when it comes to the safety of our personal data, and banks, agencies, and even...

Other Recent Articles

Cash back credit cards set to become increasingly rare

The rewards based credit card has become very popular over recent years, particularly amongst those that tend to repay their...

By admin | March 9, 2010 | Read More

Capital One customers hit by huge increases on credit cards

According to recent reports many credit card customers that have cards with Capital One have been stung with huge increases...

By admin | March 5, 2010 | Read More

New high for credit card interest rates

Recently released figures have shown that credit card interest rates in the UK have reached a new high, despite the...

By admin | March 3, 2010 | Read More

Credit card firms reject many proposals

A number of proposals have been put forward recently to try and increase fairness for credit card customers, with the...

By admin | March 1, 2010 | Read More

Credit cards could be the ideal solution for holidaymakers

It has been suggested in a recent report that holidaymakers and those that travel abroad for any other reason could...

By admin | February 25, 2010 | Read More