UK card not present fraud rises sharply

Card not present fraud, which covers Internet, phone and mail order losses, rose 29% to UK£90.6 million over the six months to the end of June 2005, according to figures from the Association of Payment Clearing Services (APACS). Introduction of chip and PIN has been accompanied by a decline in other categories of fraud: the figure for counterfeit cards fell 31% from UK£66.1 million to UK£45.6 million; mail non-receipt declined 37%, from UK£36.5 million to UK£22.8 million; and ID theft on card accounts dropped 16% from UK£19.2 million to UK£16.1 million. The value for lost/stolen cards over the same period was 27% lower at UK£44.3 million. APACS research reveals widespread ignorance amongst UK consumers of how to shop securely online: it found that 1 in 8 had not logged out after completing a purchase and 1 in 4 did not check a website’s security standards before entering personal financial data.