No let up by fraudsters as online card spend soars
Many of Britains high street shops may have been affected by the economic downturn, but millions of consumers have been more than happy to spend their money online and through mail order with their favourite retailers.
Analysis from fraud specialists the 3rd Man shows that between August 2008 and August 2009, shoppers spent an estimated £46 billion using their cards in ‘card not present’ transactions, the term used to describe purchasing when, for example, a customer is buying online or by phone. Of this figure, fraudsters have tried their best to relieve retailers of more than half a billion pounds worth of goods.
“Although Britain has been in a serious recession, it appears that many consumers have been happy to spend their money over the Internet, which is good news,” says Andrew Goodwill, fraud specialist with the 3rd Man.
“However, fraudsters show no signs of giving up. They know that online shopping has become big business and they try every scam imaginable to dupe retailers. More and more honest people are using their cards to buy over the Internet, but unfortunately more and more fraudsters are also upping their game.”
“However, it’s not all bad news,” he adds. “In fact, using your card online or by mail order has never been safer. When your card is used by a fraudster, it is unlikely your details have been obtained as a result of an Internet transaction. Furthermore, as so many retailers have better fraud detection and prevention systems in place, and they are working very closely together to deter the unwanted custom of single criminals and organised gangs.”
Email this article to a friend
You need to be logged in to use this feature.
Please log in here