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Cross border action essential in the fight against card fraud- Bowles
March 24, 2009 12:41 PM
Originally published by Sharon Bowles MEP
Originally published by Sharon Bowles MEP
Sharon Bowles MEP has highlighted the importance of a coordinated cross border strategy against overseas credit card fraud following the recent rise in credit and debit card data being sold overseas.
A growing number of UK adults are affected by card fraud. The majority of card fraud happens when the card is absent from the transaction, such as with payments made over the internet or telephone.
The top credit and debit card fraud hotspots include the Far East and China.
The names, addresses and valid credit card details of innocent UK victims are being sold on the international black market for as little as $10 a card.
Commenting on the alarming rise in fraud levels, Sharon said:
"Card fraud is becoming increasingly common as consumers migrate from the high street to the internet, over the telephone and through mail orders. We need to ensure that not only is our money safe, but also our identity and our privacy.
"Last year overseas credit and debit card fraud cost the UK banks over £230 million. We cannot afford to lose this money year after year.
"Currently we are limited as to what we can do to stop criminal gangs that operate outside of the EU.
"But it highlights the importance of coordinated cross border action to bring an end to overseas credit and debit card fraud."
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