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"Online credit card fraud causing problems for providers"

By admin | September 2nd, 2009 | Credit Cards

Credit card fraud online has become increasingly prevalent over recent years, with a sharp rise in CNP, or Card Not Present, fraud, which includes online transactions where the card itself does not have to be present because the transaction is completed remotely.

A recent report has shown how the credit card industry appears to be losing its fight against online credit card fraud, and in order to address the problem is having to look at increasingly sophisticated technology along with regular password changes.

Last year the value of credit card fraud in the UK came to a massive £610 million, which reflected a rise of 43 percent in the space of just two years.

Whilst CHIP and PIN technology was brought in to provide increased protection for consumers who were using their cards on the High Street, no such protection is in place when using a card to make online or telephone transactions, and this is why fraud in these areas has risen so sharply over recent years.

A Liberal Democrat spokesperson commented on the increase in credit card fraud, and said that it was vital that authorities did their best to try and combat this sort of crime. He said: ‘The credit crunch crimewave can clearly be seen. If we are to continue to combat crime in a recession then we need more police catching more criminals.’

The figures were released as part of the recently released British Crime Survey, and in addition to showing trends with regards to credit card fraud online also showed figures relating to domestic burglaries, general fraud, and other types of crime, some of which have seen a marked increase since the recession gripped the nation.

Tags: Card Not Present fraud, credit card fraud, Credit Cards

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