Supermarkets hit by increased credit card fraud
There has been an unprecedented increase in credit card fraud in the supermarket sector between April and June this year. The number of fraudulent transactions went up by 50% according to leading internet payment security company Retail Decisions, something which they have never witnessed before.
It seems as though the most common type of fraud is 'card holder not present' whereby the transactions are either carried out online or to a lesser extent over the telephone. An increase in credit card and other types of fraud seems to feed off economic slowdowns but the increase of late has been dramatic and very difficult to explain.
The advent of chip and pin was seen by many as the saviour of the UK credit card market but this has just not happened. Many people are confused as to why the industry spent billions on chip and pin only to continue to allow people to acquire goods when the card is not visible. This type of fraud has, and continues to, cost the credit card industry hundreds of millions of pounds a year worldwide. Yet again we are in a situation whereby the credit card fraudsters always seem to be one step ahead of the industry.
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