Financial news categories
Credit card fraud still on the rise
07 August 2008
Credit card not present fraud is increasing in popularity despite the advent of chip and pin, according to Equifax.
Fraudsters are now targeting credit card not present fraud which is when they steal credit card details and persuade a retailer or a merchant to handle a transaction over the phone to buy goods, claims the external affairs director at Equifax.
Neil Munroe said: "What they have done is they have found a weak point and what they have done increasingly is that they started to exploit [as] what is commonly known as the card not present route."
Credit card owners need to be extra vigilant whilst on holiday as many foreign countries do not have the chip and pin system, claims Mr Munroe.
"Card not present fraud is still on the increase and is actually occurring more and more abroad," he added.
Research by APACs revealed that in 2007 credit card fraud losses increased by 25 per cent to £535.2 million.
