The Bankwatch

Tracking the consumer evolution of financial services

The problem with card fraud is getting worse

Dave writes up the latest on card fraud in Europe and UK and touches on the US.  As Simon points out in the comments, its a chilling read, and highlights that the slow and gradual shift to secure cards and terminals is just wrong. 

I have similar worries for North America as US sticks to mag stripe, and Canada to chip and mag stripe combined.  The opportunities for criminals are simply too great.

I didn’t want to write about fraud yet again, but… | Digital Money Forum

Total card fraud last year was UKP 535 million (about a billion dollars) but the half-yearly figures for 2008 are predicting a full year well in excess of UKP 600 million. The prospects of fraud reducing remain, I think, slightly gloomy.

Written by Colin Henderson

October 22, 2008 at 21:42

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