Cost of online card fraud increases

Monday, July 3, 2017 - 11:32 by David Aiken

More people in the UK are getting hit by cybercrime as the latest figures from the National Audit Office reveal that £618 million was stolen last year as a result of web-based credit card scams.

The Mirror reports that the rapid growth in the number of people who are fans of safe shopping online has made it easier for crooks to steal payment card information and put it to use for their own nefarious purposes.

Card fraud in the UK is more common than in any other part of Europe, with a nine per cent year on year increase recorded. This epidemic poses a threat to legitimate retailers who want to attract new customers and protect them from contemporary threats, as it negatively impacts on consumer trust in e-commerce sites.

Analysts found that the instances of Card Not Present (CNP) scams had doubled in the past half decade, with two million separate cases reported in the past year alone.

Furthermore this growth is only expected to continue in the coming years, with British retailers and consumers being at the top of the hit list for cybercriminal gangs.

Report spokesperson, Sir Amayas Morse, said that part of the reason that card fraud has become so prevalent online is that the authorities have been ignoring it. This is as a result of each individual case being relatively low value, in spite of the fact that the cumulative impact mounts up to the billions of pounds.

A joint task force has been launched to attempt to stem the growth of this type of fraud and help British consumers carry out safe shopping online without fear of suffering from a scam. But with so many different cybercriminal activities to monitor and combat, it may be some time before the effects are felt.