Latest figures show that card fraud cost the UK
£610million last year - up by 43 per cent in two years
- and more than 75 per cent of all offences now involve internet,
telephone or mail order shopping where chip-and-pin technology
currently offers no protection for online fraud.
The chip-and-pin technology which was introduced three years ago
has failed to stall the steep rise in online theft and card fraud,
latest crime figures show, as criminal gangs are becoming more
sophisticated in their tactics.
Yesterday's crime figures show there were 2.8million fraudulent
card transactions last year, which is up four per cent
year-on-year, and the amount of cardholders who have claimed to
have been the victim of online fraud has risen from 3.7 to 6.4 per
cent in the past three years.
This dramatic rise in card fraud statistics is forcing banks and
credit card companies to develop a new generation of 'dynamic'
cards with constantly-changing passwords. This development will
likely be a newly designed, 'high-tech' plastic card featuring a
built-in miniature keypad and tiny display screen which requires
the customer to enter their four-digit PIN number into the card
itself, which then flashes another PIN number valid for one online
transaction.
Some card companies are also experimenting with what may become
the next generation of 'dynamic password' credit card technology -
cards that use a small battery that lasts three years and features
a 12-button keypad and tiny digital display for extra online
security. Read the full story here:
http://www.dailymail.co.uk/news/article-1200194/Dynamic-security-developed-cash-card-fraud-spirals-control.html
As online fraud in the UK increases dramatically alongside a
massive leap in the online shopping market (up 524 per cent from
2001 to 2008) it is evident that both online retailers and shoppers
need to seek alternative and innovative methods to protect
themselves from cyber crime.
Ukash is Europe's fastest growing online payment
solution, enabling people anywhere in the world to shop pay and
play online using cash, providing freedom from credit and debit
card fraud and protecting personal identity.
Mark Chirnside, CEO of Ukash said: "Using cash online is one of
the safest ways to eliminate the risk of online fraud, because it
is anonymous and no financial details ever need to be entered
online. We are expanding the availability of Ukash on a global
scale to protect online consumers from this type of internet
fraud enabling them to make online payments securely and privately
using cash on thousands of websites. "
www.ukash.com