Credit Card Fraud on the increase
January 19, 2009 by gwade
Filed under Credit Card Security
New technology is being introduced by HSBC to combat the increasing levels of Credit Card Fraud being experienced at the moment. Credit Card fraud has risen by 14% in the first 6 month of 2008 and figures show that fraud abroad makes up 40% of all card crime.
HSBC will be screening all credit card transactions in real time making decisions in seconds. In the past only 25% of card transaction where checked which gave way to a huge gapping hole of opportunity. Credit Card fraud actually dropped started falling for several years but has taken a dramatic turn in 2007. Figures reveal that credit card fraud could have exceeded £600 million in 2008.
Trying to comabt card fraud is a constant battle as new and improved techniques are introduced fraudsters are always finding ways to get around them. Chip and Pin was succesful for about 18 months before fraudsters found a way to get around this, so more sophisticated measures are being adopted by Banks and card companies.
Find out more here.