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Net card fraud 'underestimated' | |
(about 1 hour later) | |
UK credit and debit card fraud on the internet is much greater than previous estimates, new figures suggest. | UK credit and debit card fraud on the internet is much greater than previous estimates, new figures suggest. |
Banking industry data shows card losses from phone, internet or mail order crime totalled £290.5m in 2007. | Banking industry data shows card losses from phone, internet or mail order crime totalled £290.5m in 2007. |
But a BBC investigation found £500m of fraud took place when failed attempts were taken into account. | But a BBC investigation found £500m of fraud took place when failed attempts were taken into account. |
The Tories are urging the government to appoint a minister to deal with internet crime. Ministers say they have invested £29m to fight online fraud. | The Tories are urging the government to appoint a minister to deal with internet crime. Ministers say they have invested £29m to fight online fraud. |
Hacked cards | Hacked cards |
An undercover investigation by BBC News revealed how easy it was to obtain stolen credit and debit card details on the internet. | An undercover investigation by BBC News revealed how easy it was to obtain stolen credit and debit card details on the internet. |
Posing as computer hackers, two journalists infiltrated a website selling thousands of stolen card details which had been stolen online from small internet retailers. | Posing as computer hackers, two journalists infiltrated a website selling thousands of stolen card details which had been stolen online from small internet retailers. |
When the cards were used, they traced the fraudulent transactions to a number of addresses in the UK and confronted people who signed for the goods they had bought. The information is being passed to the police. | When the cards were used, they traced the fraudulent transactions to a number of addresses in the UK and confronted people who signed for the goods they had bought. The information is being passed to the police. |
Shadow home secretary David Davis said their should be a central place to report cyber crime, specialist prosecutors and a distinct ministry. | |
"All those things would do a great deal to make Britain less of a soft target," he said. | |
Overseas crime | |
In March, the Association of Payment Clearing Services (Apacs) said there was a 25% rise in the fraudulent use of UK credit and debit cards last year, with losses amounting to £535m. | In March, the Association of Payment Clearing Services (Apacs) said there was a 25% rise in the fraudulent use of UK credit and debit cards last year, with losses amounting to £535m. |
Some £290.5m of this took place on the internet, via phone or mail order, where the credit or debit card holder was not present, a year-on-year rise of 37%. | Some £290.5m of this took place on the internet, via phone or mail order, where the credit or debit card holder was not present, a year-on-year rise of 37%. |
Apacs said the first rise in three years of overall card fraud was mainly due to stolen and counterfeit cards used abroad. Card fraud overseas rose by 77% last year to £208m and accounted for 39% of the total. | Apacs said the first rise in three years of overall card fraud was mainly due to stolen and counterfeit cards used abroad. Card fraud overseas rose by 77% last year to £208m and accounted for 39% of the total. |
As well as investing £29m over three years to fight online fraud, the government also said it was working with the banking industry to encourage retailers to adopt anti-fraud initiatives. |