Internet fraud is biggest credit card threat
16 February 2010 16:43:15
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| Credit card holders warned of internet fraud risk. |
According to Jemma Smith, head of public relations at information website UK Payments, there is "no evidence" to suggest that fraudsters are taking advantage of a chip and pin defect identified in a research paper from the University of Cambridge's Computer Laboratory.
The research, published last week, established that it is possible to trick a chip and pin terminal into thinking the correct pin has been entered by the cardholder.
However, Ms Smith believes criminals are more likely to focus on simpler ways to commit fraud.
"Thieves of cards are much more likely to go online and use the card's money over the internet, frankly," she confirmed.
Figures released by Financial Fraud Action UK last October show that while card fraud losses fell in the first half of 2009, online banking fraud increased by 55%.
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