This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.

You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/7362055.stm

The article has changed 13 times. There is an RSS feed of changes available.

Version 1 Version 2
Net card fraud 'underestimated' Net card fraud 'underestimated'
(10 minutes 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 cardsHacked 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.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."All those things would do a great deal to make Britain less of a soft target," he said.
Overseas crimeOverseas 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.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.

Have you been affected by fraud after using your credit or debit card on the internet? Send us your comments using the form below.
Name