Remote fraud costing UK £411.6m

Credit and debit card fraud has risen by over a third since 2001 according to Britain’s Association for Payment Clearing Services (APACS).

Credit and debit card fraud has risen by over a third since 2001 according to Britain’s Association for Payment Clearing Services (APACS).

Telephone and internet fraud or ‘card-not-present fraud’ cost the payments industry £109.6m (€159m) in the year to the end of June.

This is equivalent of £300,000 (€436,000) a day.

‘Remote’ fraud was the second biggest contributor to overall fraud with counterfeit fraud still in the number one slot.

Among the measures being considered to counter card fraud is the introduction of chip and personal identity number (PIN) cards.

Card users would then have to enter a unique Pin number rather than signing receipts as proof of identity.

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