Shoppers warned of £110m card not present fraud

Monday, 10 November 2003, 2:36 PM EST

The UK's shoppers are being warned to be on their guard after it emerged that Internet fraud is contributing to a £110 million a year racket.

Fraud on 'card-not-present' purchases, such as Net shopping and over-the-phone sales, has jumped a third in two years to £109.6 million. This accounts for more than a quarter of the UK's annual losses of £411.6 million to credit card fraud.

According to stats released today by the Association for Payment Clearing Services' (APACS), consumers are putting themselves at risk of the £300,000-a-day fraud because they do not take simple precautions to protect their account details.

For instance, one in three people never shred or burn their receipts when they're finished with them, while one in five let others use their credit cards to make purchases.

[ Read more ]




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