Online fraud underestimated

[23rd April 2008]

Credit and debit card fraud over the internet is far greater than previous estimates suggest.

Figures from the banking industry show that UK card losses from phone, internet and mail-order crime amounted to £290.5million in 2007. However, an investigation by the BBC found that this figure was closer to £500million when failed attempts of fraud are taken into account.

Furthermore, the undercover BBC investigation found that stolen credit and debit card details can be found on the internet with ease. Posing as computer hackers, two BBC journalists managed to infiltrate a website selling thousands of stolen card details, which had been stolen online from typically small internet retailers.

Ministers have so far invested £29million to help tackle online fraud.

To read the full story, visit the BBC News website.

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