Credit card fraud is still on the rise despite the introduction of chip and pin technology, it has been claimed.
According to Neil Munroe, external affairs director at Equifax, many criminals are obtaining credit card details and then using them to purchase goods over the phone, a method know as card not present fraud.
He said: "Card not present fraud is still on the increase and is actually occurring more and more abroad where, for example, Pin systems are not in place."
Criminals are attacking the weakest point of credit card security, he added.
According to research by payments agency Apacs, card fraud increased by 25 per cent in 2007.
The total loss over the year was £535.2 million, with card not present fraud account for £290.5 of the figure.
Credit card fraud by criminals using UK details overseas increase by 77 per cent over the same period, the research indicates.
News Side
Credit card fraud 'still increasing'
Wed, 06 Aug 2008
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