While online shopping and advertising is taking a slice out of the mainstream, so too is credit card fraud, in fact despite all of the efforts made by the industry and card holders, the extent of online credit card fraud is at record levels.
This type of fraud is what the industry has named as “Card not present” which is what most sales over the internet are.
The purchaser would only need to have access to the name, number and security number of the credit or debit card in order to make a purchase.
The total losses for the year stood at £290.5 million in 2007, but the actual total would have been around £500 million if the figures from those attempts that did not go through were added to the total.
It has been found that bank and credit card details are being sold on certain websites for as little as £5, considering the amount of money that could be made out of them, this price is cheap.