42244 10 3 econsultancy_xml <p>So called 'card not present' fraud, which covers internet and telephone payments, is estimated to have cost £183.2m in 2005, while total credit card fraud in the UK was £439.4m. In the first six months of 2006, this type of card fraud totalled £95.3m. </p> <p>When shopping online, customers place the card in the reader and input their pin. The reader then generates a passcode which verifies the transaction. </p> <p>According to figures from APACS, while the introduction of chip and pin has helped to cut total card fraud losses, the <a href="/blog/121-online-card-payments-rise-in-uk">increase in online card payments</a> has led to an increase in CNP fraud online, with internet fraud accounting for a quarter of all credit card losses. </p> <p>The scheme - developed in partnership with banks, card schemes, retailers, trade associations and systems vendors - will be rolled out later this year.</p> <p> <a href="mailto:blog@e-consultancy.com" title="blocked::mailto:blog@e-consultancy.com">blog@e-consultancy.com</a> </p> <FormattedContent xmlns="http://www.e-consultancy.com/schema/formattedContent/"> <Paragraph>So called 'card not present' fraud, which covers internet and telephone payments, is estimated to have cost £183.2m in 2005, while total credit card fraud in the UK was £439.4m. In the first six months of 2006, this type of card fraud totalled £95.3m. </Paragraph> <Paragraph>When shopping online, customers place the card in the reader and input their pin. The reader then generates a passcode which verifies the transaction. </Paragraph> <Paragraph>According to figures from APACS, while the introduction of chip and pin has helped to cut total card fraud losses, the <Link URL="/blog/121-online-card-payments-rise-in-uk" Window="New">increase in online card payments</Link> has led to an increase in CNP fraud online, with internet fraud accounting for a quarter of all credit card losses. </Paragraph> <Paragraph>The scheme - developed in partnership with banks, card schemes, retailers, trade associations and systems vendors - will be rolled out later this year.</Paragraph> <Paragraph> <Link URL="mailto:blog@e-consultancy.com" Title="blocked::mailto:blog@e-consultancy.com" Window="New">blog@e-consultancy.com</Link> </Paragraph> </FormattedContent> 2007-02-14T08:05:00+00:00 2 1 econsultancy_xml <p> <strong>Banks are planning to issue their customers with handheld credit card readers under a new pilot scheme to combat online fraud.</strong> </p> <p>The project is being pioneered by <a href="http://www.apacs.org.uk/index.html">APACS</a>, the UK payments association, to give customers greater protection when shopping on the internet or the phone. </p> <FormattedContent xmlns="http://www.e-consultancy.com/schema/formattedContent/"> <Paragraph> <Emphasis>Banks are planning to issue their customers with handheld credit card readers under a new pilot scheme to combat online fraud.</Emphasis> </Paragraph> <Paragraph>The project is being pioneered by <Link URL="http://www.apacs.org.uk/index.html" Window="New">APACS</Link>, the UK payments association, to give customers greater protection when shopping on the internet or the phone. </Paragraph> </FormattedContent> false 829 362677 Banks to give out card readers to combat online fraud false 2007-02-14T10:38:00+00:00 banks-to-give-out-card-readers-to-combat-online-fraud 2009-04-28T22:43:15+01:00 2009-04-28T22:43:15+01:00 352